Advice for tracking paychecks and deductions

xilex

Hello, I am looking for help to setup my paychecks. I get paid once a month as W2 employee, on the first weekday of the month. For example, this month, the paycheck was on January 3, 2023, because January 1 was a weekend, and January 2 was holiday. My base pay is consistent, but it will slightly change mid-year (eg promotion, annual adjustment). In addition to that, there is bonus/overtime pay, which is highly variable. I have consistent deductions throughout the year (health insurance, other insurances, etc), along with pre-tax deductions to 401a/457b accounts, employer matching to 401a, after-tax deduction to Roth 401k. These latter deductions change every now and then, as I adjust to maximize it, and the 401a deduction and matching change once my base pay changes. The leftover I direct deposit a small portion to checking and the rest to savings.

Given this, is it possible to set up a different paycheck each month? It would be nice to be able to track my gross income. I am under Paycheck Setup Wizard > Paycheck Setup screen > Gross amount. Do I choose 'Only Once' for Frequency? Also, I am unsure what the Account I would select (next to the Company Name), because I see Deposit Accounts would be where the direct deposits go.

Thank you.

mshiggins

I recommend you set up the paycheck with a monthly frequency with all the potential pay and deduction categories. For categories that are the same amount every month, enter the amount. For categories that vary by month, use either an average value or a minimum value. 

Then when you get paid, edit that month’s paycheck transaction to set the specific date and amounts.

Editing some amounts monthly will be less effort than creating a new paycheck reminder each month.

xilex

Thanks, I will give that a try.