Income Report: Use the Net Paycheck Amount instead of Gross when splitting for deductions (edited)
"Simplifi says: To enter a paycheck with deductions in Quicken Simplifi, you'll need to split the transaction accordingly. First, use the net amount of your paycheck as the Total. Then, assign the primary split using an Income Category such as "Paycheck" and enter the gross amount of your paycheck as a positive number. Next, add as many split lines as needed, categorize each of the lines accordingly, and enter the amount of each deduction according to your paystub. The final total should equal the net amount of your paycheck."
OK once this is done, the amount in the transaction register shows as a split with the net amount showing as the total which corresponds with the net bank deposit downloaded so both ledgers reconcile.
BUT . . . when you run an income report in Simplifi the 'paycheck' category displays in the report as the gross amount not the net amount as appears when you scroll down the report to view the transactions in the ledger.
This is an important distinction because the report is not displaying the amount actually assigned to the income category in the split. The gross value from which deductions are being taken is a bit of a 'false positive'.
Comments
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@Charles Collins, thanks for pointing this out!
When doing some testing on this, it does appear to be by design. Since the Income Report is based on Income Categories, and the gross amount of the split is what's assigned to the Income Category, this is how the Report is able to pull the numbers. With that, I went ahead and turned this into an Idea post requesting that the Net Amount be used in the Income Report when splitting paycheck transactions to track deductions so other users can vote on it and we can get an idea of how many users would like to see this change.
I hope this helps!
-Coach Natalie
-Coach Natalie
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Yes. Thanks @Coach Natalie. This is the only place it works like this. When looking at income in a few places like the Spending Plan it does not use the gross amount but the net which is assigned to the Paycheck category.
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