How to create a memorized paycheck transaction that isn't recurring?
I'm running Quicken Premier 2017 R20.6 Build 26.1.20.6.
Is it possible to create a memorized paycheck transaction (with all sub-categories tracked, e.g. taxes, 401k contribution and employer match, etc.) that doesn't show up as recurring on the calendar of the "Bill Reminders" tab? I'm trying to track irregular paychecks I get for bonus payments and would like to save a "Bonus Paycheck" as a memorized transaction I can use whenever I receive such a payment but can't figure out how to do it without creating it as a recurring transaction.
Best Answer
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There isn't an option to do this with the paycheck reminders. Forever users have asked for the same flexibility in scheduling for the paycheck reminders, but they have yet to make any such changes.
My wife works in retail, and she gets bonuses quite often which will show up as a separate paycheck on the same day.
Here is what I do. First, I enter the regular paycheck (being in retail part time means her hours vary so I have to enter everything and so the paycheck reminder is basically just a template for that).
I have the "show reminders" setting to be enough into the future to see her next paycheck reminder (paid by the week), so I then select the next reminder and select "Edit this instance and future all future instances". I select the date, and then T to change to today, and save that. That now gives me a new reminder for today, and I go in and edit it for the bonus.
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Answers
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Since you'll probably need to edit all of the amounts in such a paycheck anyway … rather than memorizing one, I'd just copy a prior such paycheck, change the amounts and date and save it with the changes.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
The bonus paychecks occur on the same day as regular paydays but are issued as separate paychecks. It apparently confuses Quicken to have 2 paychecks on the same day where one of them is a recurring paycheck and the other is a copy/paste of it - it messes up the Bill Reminder calendar. I've had cases where doing a copy/paste of a regularly scheduled paycheck to a second paycheck occurring on the same day causes the next regularly scheduled paycheck reminder to be deleted from the calendar. I haven't yet figured out how/why Quicken thinks a copy of an existing paycheck is actually the next scheduled paycheck.
Someone in another thread I posted said:
And, if you make sure the Bonus paycheck is also memorized, you can use it again next time, without the need for a cumbersome copy / paste / edit process.
But that thread is locked and these forums don't provide a way to send private messages so I can't ask them how to do it, which is why I started this thread.
Here is a link to that thread: https://community.quicken.com/discussion/comment/20436288#Comment_20436288
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Please provide a link to that other thread … so that we don't have to go search for it.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
https://community.quicken.com/discussion/comment/20436288#Comment_20436288
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There isn't an option to do this with the paycheck reminders. Forever users have asked for the same flexibility in scheduling for the paycheck reminders, but they have yet to make any such changes.
My wife works in retail, and she gets bonuses quite often which will show up as a separate paycheck on the same day.
Here is what I do. First, I enter the regular paycheck (being in retail part time means her hours vary so I have to enter everything and so the paycheck reminder is basically just a template for that).
I have the "show reminders" setting to be enough into the future to see her next paycheck reminder (paid by the week), so I then select the next reminder and select "Edit this instance and future all future instances". I select the date, and then T to change to today, and save that. That now gives me a new reminder for today, and I go in and edit it for the bonus.
Signature:
This is my website: http://www.quicknperlwiz.com/1 -
To avoid confusing Quicken or yourself, may I suggest that you name the Bonus paycheck something different than the regular paycheck? For example "XYZ Paycheck", "XYZ Bonus".
Record the memorized Bonus paycheck BEFORE you download and accept transactions from the bank containing the deposits, to ensure the correct amounts have been recorded for Net amount and all the Splits.(Of course, when you look at Income Tax reports or transfers to tax software, this will now look as if you had two employers …)
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The biggest problem I have with having a second paycheck reminder is the "scheduling". The fact that it is so inflexible for paycheck reminders, you have to do something like set the bonus one to in the far future, and then end up having to go in and change the date anyways. I see little difference between having a second one, and just adjusting the date of the existing one when the bonus paycheck is needed.
Then again if one wants to record the salary as a separate category, maybe it would make more sense. I never cared about that detail so all I do is change the memo to Bonus.
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Thanks, this seems to accomplish what I want.
I just edited my next paycheck reminder, and all future instances, to have a "Start on" date of the prior payday, which included a separate bonus paycheck. I now have two paycheck register transactions listed on my Bill Reminder calendar (and two corresponding transactions in my checking account) for the date the bonus was paid out, and can edit the bonus one separately.
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