Differentiate between two incomes from the same source (Q Mac)

Nibblemac

I would like to differentiate two separate incomes from the same source (ie. Social Security or people who worked for the same company.) When downloading incomes I'm always having to reenter the taxes and deductions for each income. I would like to find a way to not have to continuously update the downloaded transactions. I've tried quick fill transactions but then have to delete the downloaded transaction. Can the downloaded transactions be differentiated by the amount rather than the Payee?

MontanaKarl

AFAIK, the amount cannot be used to distinguish quick fill rules. I distinguish my wife's vs my social security by having them as scheduled monthly transactions. The download then matches the payee/amount.

You don't need to delete the downloaded transaction. By dragging it on top of the manually created/edited transaction it will be seen as a 'match'. If the manual transaction is entered before the download date (as in my schedule social security example), it will simply match automatically upon download.

UKR

As mentioned by @MontanaKarl above, Scheduled Reminder Transactions, recorded BEFORE the download arrives, would help in your situation.
You need one each for each separate Income transaction. When setting up these scheduled transactions …
Use distinct Payee Names, e.g., "Soc Sec - Self", "Soc Sec - Spouse"
For income and deductions set up and use appropriate categories, assigned to the correct Tax Line Items, e.g.,

• for your Soc Sec Income use a category with tax line item "Form 1040: Soc Sec Income, self"
• for your spouse's Soc Sec Income use a separate category with "Form 1040: Soc Sec Income, spouse"

This will help keep your separate incomes in separate categories, ready for tax reporting.

RickO

I agree, a pair of scheduled transactions is the solution. I would differ on using separate payee names. Instead, I'd use one payee name (eg. Social Security Administration) and use different tags on all lines in each of the transactions (eg, tag1=person1, tag2=person2; I use the person's initials as the tag). This way gives you more flexible reporting ability to combine or not combine the information.

MontanaKarl

AFAIK, the amount cannot be used to distinguish quick fill rules. I distinguish my wife's vs my social security by having them as scheduled monthly transactions. The download then matches the payee/amount.

You don't need to delete the downloaded transaction. By dragging it on top of the manually created/edited transaction it will be seen as a 'match'. If the manual transaction is entered before the download date (as in my schedule social security example), it will simply match automatically upon download.

UKR

As mentioned by @MontanaKarl above, Scheduled Reminder Transactions, recorded BEFORE the download arrives, would help in your situation.
You need one each for each separate Income transaction. When setting up these scheduled transactions …
Use distinct Payee Names, e.g., "Soc Sec - Self", "Soc Sec - Spouse"
For income and deductions set up and use appropriate categories, assigned to the correct Tax Line Items, e.g.,

• for your Soc Sec Income use a category with tax line item "Form 1040: Soc Sec Income, self"
• for your spouse's Soc Sec Income use a separate category with "Form 1040: Soc Sec Income, spouse"

This will help keep your separate incomes in separate categories, ready for tax reporting.

RickO

I agree, a pair of scheduled transactions is the solution. I would differ on using separate payee names. Instead, I'd use one payee name (eg. Social Security Administration) and use different tags on all lines in each of the transactions (eg, tag1=person1, tag2=person2; I use the person's initials as the tag). This way gives you more flexible reporting ability to combine or not combine the information.

Nibblemac

Thank you all for your solutions. I am very pleased with all the information provided. It was all very helpful and resolved the issue completely.