Paycheck Tracking....Do you get Granular?

swiederin

Do you keep track of all of your pre-deposit paycheck deductions, such as Federal and State Taxes, Social Security Tax, health insurance deductions, etc.? Is it worth it? Similar to tracking investments…..I look to the workplace or custodian to have all the data.

Flopbot

@swiederin , To answer your questions, NO & NO. I don’t track them that way and don’t think it’s worth it - Simplifi isn’t really set up to track it that way, yet. I have my paycheck set up as a single Recurring Series with a Name of “My Workplace”, Category of “Paycheck“, nothing excluded. The amount is the NET deposit into my account.

I have a couple of pre-net paycheck withdrawals that get transferred to various saving’s accounts in addition to the net deposit. For these, I set up a separate Recurring Series with a Name of “My Workplace - Paycheck Withdrawal“, Category of “Paycheck Withdrawal”, everything excluded.

I’m not sure mine is set up properly, but it’s been working for over a year and I haven’t noticed any issues.

swiederin

Sounds similar to my thought process. I'm a new Simplifi user and I used Quicken desktop for 25 years and tracked everything….to a fault. Now I just want an overview of what's going on with my finances. Seems like its going to work for my needs.

Flopbot

Yea, in general, if someone, really really wants/needs that level of detail, then they should use the more traditional - and more full featured - Quicken Desktop. By its very name, Simplifi isn’t designed for that level of detail.