unofficial microsoft.public.money FAQ and A
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Q) I get a pay advance on the 15th and a full paycheck less the advance at the end of the month. How do I track this in Money?
A) The best bet here is to use a paycheck on the 15th that just has one entry on the after tax tab of "negative" after tax expenses in the amount of the check, expensed against some category like Other Income:Advance Pay. Then, on the alternate paycheck, after taxes tab, have an exactly equal but positive amount against the same category. Thus, these two net to $0. Money tracks everything else off the entries on the end-of-month complete stub. The after tax tab is to keep Money Tax Estimator happy. When entering an expense against an income item, Money may complain depending on your Tools|Options settings. Tell it to get over it.
An alternate method that should work, pointed out by Artie, is to put the advance in as a positive Wage & Salary:Gross Pay (or similar) on the Wages tab and then reduce the amount of the same category on the final paycheck transaction by the advance amount. This may be the best approach depending on how the stubs depict all of this and how much math/lookup you want to do by hand. You have to be very careful what you do with the first entry on the Wages tab of a paycheck as it holds special significance to Tax Estimator. However you set it up; if you use Tex Estimator, check to make sure that the results you are getting are sane.
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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Last update: 10 December 2006 |
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