Best way to utilize Split Transactions

oldngrmpy1
oldngrmpy1 Member ✭✭✭✭
I'm wanting to put Social Security income into my register with split transactions. Is the best way to have the following catagories, line items as split transactions:
(1) Income: Gross SSA ; (2) : Health Care: Medicare Health Insur (3) Fed Withholding: SSA: (4) Total Deductions SSA ((5) Income: SSA Net. This seems to be the most logical to me. I do not use my Quicken to help with taxes, but I'd still like to be able see My SSA net and gross on a report if I need to. Then when I run my reports just check the Category box or uncheck it as necessary for a given category and report, whatever it may be.

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited April 2021 Answer ✓
    The "net check" amount is the amount you'd enter as a Deposit in your check register, it doesn't show up on a split line.  Then you'd split that net amount, first showing the gross amount as a larger number than the net number and as a positive number, followed by the deductions show as negative numbers.  The sum of the positive numbers and negative numbers should equal the net number you started with. 
    That's a very reasonable approach and one that many people use. 

Answers

  • oldngrmpy1
    oldngrmpy1 Member ✭✭✭✭
    Looking for more specific idea on how to do it. I use Kaiser too in CO, so I assume you are too or CA.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited April 2021 Answer ✓
    The "net check" amount is the amount you'd enter as a Deposit in your check register, it doesn't show up on a split line.  Then you'd split that net amount, first showing the gross amount as a larger number than the net number and as a positive number, followed by the deductions show as negative numbers.  The sum of the positive numbers and negative numbers should equal the net number you started with. 
    That's a very reasonable approach and one that many people use. 
  • oldngrmpy1
    oldngrmpy1 Member ✭✭✭✭
    How do you use help to find out what reports to use to see split transactions expanded in the report
  • TTSguy
    TTSguy Member ✭✭✭✭
    @Tom Young  Can you show me with a screen snip how the Split transactions show in the split  box (whole thing, including the total box at bottom
  • TTSguy
    TTSguy Member ✭✭✭✭
    @ Tom Young  can you display what your whole split transaction box looks like including some bogus numbers with totals?
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    @TTSguy (when a user has a blank in his name, use "" == @Tom Young)

    Is this what you were looking for?

      

  • TTSguy
    TTSguy Member ✭✭✭✭
    It's my understanding that the top line is the gross amount, and the bottom line (transaction total) Is the net deposit amount?
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    TTSguy said:
    It's my understanding that the top line is the gross amount, and the bottom line (transaction total) Is the net deposit amount?

    Yes, that's correct.
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