How to apply monthly pay to next month? (edited)

Daniel Moore

My spouse and I are both paid once per month. This is at or toward the end of the month and that income is then used for the coming month. Example: I'll be paid Jan 27 and my spouse Jan 31, that income is for February expenses and bills. Despite my best efforts, I can't make this app work with that without the dates getting wonky. Anyone else figured out how to make it work (without a ton of "work arounds?)

Coach Natalie

Hello @Daniel Moore,

Thank you for reaching out to the Community!

Unfortunately, I'm not coming up with a great answer for you aside from editing the date of the transactions to fall within the proper month. You can also set a custom 'Income' amount in the Spending Plan instead of using the calculated amount. More details and the steps to do so can be found here. 

Hopefully some other users come along with great advice for you, but I hope this helps in the meantime!

-Coach Natalie

SRC54

@Daniel Moore

The exact is true for us as well but I just live with it.  I do a recurring transaction for the income with the date that it's due.  So the Spending Plan shows the income I have for the month.  Then expenses and planned spending are subtracted from it.  When I get the actual deposit, I link it to the recurring.

I used to (years ago in Quicken) change the date manually from the 31st to the 1st but this messes up reports for the years for income tax as income you get on Dec 31st is for the current year, so I keep it in accordance with the W-2s.  The same thing is true of monthly interest; I keep the date on the last day of the month except for those times it is credited on the first of the next month.  That keeps it right with the 1099s.

I know this doesn't really help.  When you get paid on the last of the month, you actually live on that paycheck the next month but it is what it is.  As a young teacher, I remember starting a new job August 2 but my first paycheck didn't arrive until SEP 30.