Paycheck Wizard Net Pay Needs Category

DataDave

Add a user selectable category for the calculated "Net Pay" so that it will show up in various Reports.

NotACPA

If such category were created, then what would be the deposit into your bank account? And why would it not duplicate all of the split items in the paycheck?

Net Pay is the sum of all incomes in the paycheck minus all expenses … and you can already create a report showing all of those items.

Or, if you don't care about the various amounts that show in your paycheck, you can simply report only the Net Pay … and create your own category for that.

[Removed - Disruptive]

Jim_Harman

It might be nice to be able to easily see your net pay, but if you are recording the paycheck details in the Paycheck Wizard, the net pay shouldn't be assigned a Category. The gross pay and deductions have already been assigned appropriate Categories or transfer accounts. Assigning another Category to the net pay would be double counting.

One way to see your net pay (i.e. the amount deposited to your checking account) for a period would be to run an Income/Expense by Payee report and look for the income from your employer.

DataDave

Found a fix. In Paycheck Wizard I have an entry for net pay (with my category of choice) and another entry for the difference between gross pay and net pay, using a category that I have excluded from my Income/Expense Reports. Now the downloaded transaction matches the deposited amount shown in the account's register.

There's more than one way to skin a cat.

Jim_Harman

To each his own. I think you would also have to exclude all the withholding Categories from your income/expense reports.

With your technique, does Quicken show the correct gross income in your Tax reports and the Tax Planner?

I suppose that would work if you use the "W2:Salary or wages, self" Tax line item for both the net income and the "gross-up" amounts.