[moneydance] paycheck

[Donald Vitkus]

stephan at coxhome.net wrote:
> A. Set up a new Transaction Reminder.
>     1) For the "Account" field use whatever Income category fits your needs. This is where the "Gross/Total" paycheck amount will be recorded. I have a sub-category of Paycheck under the Salary category, so mine shows up in the Salary:Paycheck category.
>     
>     2) For the Payee field I use the name of the company the paycheck is from.
>
>     3) They Payment field is automatically calculated, and will be the total of the splits.
>
> B. Set up the splits.
>
>     1) Before you do this, you will need to have all of the categories and accounts you are going to use, already set up. If you find you are missing one; you can just save the Transaction Reminder, go back and add the account/category, then come back, and edit the Transaction Reminder. Basically, you will need an account (bank account) for the net pay, and categories for all of the other entries of the pay stub.  But if you have other accounts money is put into (savings, medical savings, 401K, etc), you will need to set up the appropriate account for those.
>         Here are the accounts I have:
>             Medical Flex Account --> credit card account
>             Company 401k Account --> investment account
>             Checking --> bank account
>            Savings --> bank account
>         Here are the categories I have:
>             Tax
>                 |__ Federal Income Tax
>                 |__ State Income Tax
>                 |__ Social Security Tax
>                |__ Medicare Tax
>            Insurance
>                 |__ Health
>                             |__ Pretax Medical Plan
>                             |__ Pretax Dental Plan
>                             
>     2)  Make a new line split for each item on your pay stub. Some of these you can combine, if you only want to record several "same type" deductions in one category. For instance, if you don't care what kind of tax it is, you can add up all the taxes deducted, and record them under the Tax category, instead of splitting each one out.
>
>    Lets say you get a paycheck for $100.  Your splits might look something like this:
>        Account/Category                       Amount
>         Federal Income Tax                                                    $20.00
>         Social Security Tax                                                     $10.00
>        State Income Tax                                                         $10.00
>         Medicare Tax                                                                $10.00
>        Pretax Medical Plan                                                    $  5.00
>         Pretax Dental Plan                                                      $  2.00
>        Medical Flex Account                                                $  5.00
>         Company 410K Account                                         $  5.00
>        Savings                                                                             $  3.00
>         Checking                                                                         $30.00
>
> This is kind of a pain to set up, but once you do, it is real easy to do each time you get a paycheck.  And you get the benefit of  seeing where all of your "actual" paycheck is going.    The taxes aren't always exact, so you may have to edit the split a little when you are recording the transaction each month.
>
> I hope this has not been too confusing.  I started out just replying to just create splits of accounts/categories, but if you have not done that before, it can be a little confusing on how to set it up.
>
>
>
> ----- Original Message ----
> From: Donald Vitkus <dvitkus1 at charter.net>
> To: General discussion related to Moneydance <moneydance-info at moneydance.com>
> Sent: Saturday, December 30, 2006 11:03:10 AM
> Subject: [moneydance] paycheck
>
> how do i set up pay check with all the deduction such as taxes?
>
> donald
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thanks. last  year i just entered the net pay of the check. i have other 
stuff that comes out of the paycheck at the credit union each week also

donald