How can I configure a budget to include the Net paycheck amount?
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Tom Dorrance
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Best Answers
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Your are trying to budget the gross amount, and the net amount at the same time, which can't be done.
Notice you have positive "actual" numbers in the "income" section, that is the "gross amount". And you have zero for the paycheck actual numbers. Take out the "gross mount" categories and the paycheck section will get values filled in.5 -
> @Tom Dorrance said:
> Thank you, FixFound.
> OK. Yes. It worked. Thank you ! !
> And. How / Where do I enter numbers for Medicare Ins & Fed Tax With'g so the actual Paycheck $ amount in the budget is net and not gross? They are already entered in the Paycheck Wizard.
> Thank you.
Let me see if I can explain.
There are two ways you might track this in the budget.
Selecting "Paycheck" in budget means "I want to track the net amount". The number you get there should already be the net amount shown in your paycheck reminder/transaction (amount going into the register).
When you click on the Paycheck bar and select the Transactions tab it will show the net amounts for those paychecks (And reminders that will go in if you are in the current or future month). They should line up with the amounts deposited in that account with the paycheck transactions or reminders.
If they aren't lined up with those transactions, I'm not sure what is going on.
Note that this is the net amount going into your account. If you have transfers to other accounts in the paycheck reminder/transaction those will be subtracted from the gross amount too.
The second way to track this is by using the individual categories in the budget. You would deselect the Paycheck in the budget and select the income and expenses categories you want to track and then when totaled together they would give you the "net amount".
One reason you might need to use the individual categories is exactly what I said above. Say you have a transfer out of the paycheck transaction/reminder to a savings account, and you don't want that to be subtracted from the gross amount, then you would have to use the individual categories and not include that transfer in the expenses.5
Answers
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Your are trying to budget the gross amount, and the net amount at the same time, which can't be done.
Notice you have positive "actual" numbers in the "income" section, that is the "gross amount". And you have zero for the paycheck actual numbers. Take out the "gross mount" categories and the paycheck section will get values filled in.5 -
P.S. If you use the gross numbers, then you also budget the expenses that would be taken from that amount, and as such come up with the "net amount".1
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Thank you, FixFound.
OK. Yes. It worked. Thank you ! !
And. How / Where do I enter numbers for Medicare Ins & Fed Tax With'g so the actual Paycheck $ amount in the budget is net and not gross? They are already entered in the Paycheck Wizard.
Thank you.0 -
> @Tom Dorrance said:
> Thank you, FixFound.
> OK. Yes. It worked. Thank you ! !
> And. How / Where do I enter numbers for Medicare Ins & Fed Tax With'g so the actual Paycheck $ amount in the budget is net and not gross? They are already entered in the Paycheck Wizard.
> Thank you.
Let me see if I can explain.
There are two ways you might track this in the budget.
Selecting "Paycheck" in budget means "I want to track the net amount". The number you get there should already be the net amount shown in your paycheck reminder/transaction (amount going into the register).
When you click on the Paycheck bar and select the Transactions tab it will show the net amounts for those paychecks (And reminders that will go in if you are in the current or future month). They should line up with the amounts deposited in that account with the paycheck transactions or reminders.
If they aren't lined up with those transactions, I'm not sure what is going on.
Note that this is the net amount going into your account. If you have transfers to other accounts in the paycheck reminder/transaction those will be subtracted from the gross amount too.
The second way to track this is by using the individual categories in the budget. You would deselect the Paycheck in the budget and select the income and expenses categories you want to track and then when totaled together they would give you the "net amount".
One reason you might need to use the individual categories is exactly what I said above. Say you have a transfer out of the paycheck transaction/reminder to a savings account, and you don't want that to be subtracted from the gross amount, then you would have to use the individual categories and not include that transfer in the expenses.5
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