Scott, Masochism or not, it's been important to me track all my expenses, deductions, and allotments.
For this reason, I track all of these with MoneyWell. Here's how I do it. I have a monthly income, that although is a single deposit, it has several sources and different parts are taxed differently. Additionally, I have multiple deductions. Because of this, I need to both split deposits as well as expenses on a single transaction. Your situation may be a little less complex if you don't have to track multiple kinds of income, but let me provide an example and you should be able to simplify as necessary. Suppose you have your Base Salary ($4,000), a Bonus ($1,000) and a Housing Allowance ($1,500). Gross income is $6,500. You have several deductions: Federal Taxes ($500), Social Security ($200), Medicare ($100), and State Taxes ($300), Charity ($100) and Investments ($100) and Insurance ($200). Therefore, your net income is $5,000. Here's how you can account for all of this in MoneyWell. I will not go into assigning each split into buckets, but will assume that you have the appropriate buckets created. First, create a transaction of $6,500. Then, split the transaction according to your income sources and assign each split item to its appropriate income bucket. Now, adjust your split total to $5,000. This will give you negative $1,500 to work with. You should be able to add each deduction as a split and assign it to it's appropriate bucket. When you reconcile your account, you will see a single transaction of $5,000 which will correspond with your bank statement. Additionally, if necessary, you can assign the transactions as transfers (as in the case of your investments) and you would be able to track the amount you have deposited into an investment or savings account if you allot that from your income. Finally, when you are getting ready to Allocate Income, you can either use the automatic Combined Income tool by selecting your multiple income buckets to be included in the Combined Income, or you can manually combine the income by dragging the buckets to a Combined Income you have created yourself. I hope this helps. Grace to you, Blair Watkinson On Mar 22, 2009, at 4:51 PM, Scott H wrote: > > Thank you very much for your reply, Tanja. > > Why do I want to track gross and tax withholding? I guess it's just > "habit" and "curiosity." You're right; it doesn't have any impact on > day-to-day spending, but in the past I've always tracked it. > > For reasons I don't need to explain to anyone here, I'm sure, I have > no desire to use the more famous Mac personal finance program which > can probably track this easily. I guess I'm thinking if I do this, > plus use that "tax related" checkbox that MoneyWell is going to spit > out some great reports that will be really helpful at tax time. Other > than that, I guess I'm just masochistic wanting to see how much money > has been sucked out of my pay, (usually) never to be seen again! > > Thanks, > > Scott > > --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
