Split Deposits


I

I M S P B

I was wondering if there was a way to record my paycheck in both my
checking accounts. I have my direct deposit split between two
checking accounts and so far the only way I have been able to figure
out is to manually transfer from one to another in Money - I have
tried to do it as a deduction after taxes on my split but then my cash
forcast loses that amount and doesn't consider it as income (and makes
me look poorer than I already am). Does Money have the option for a
split deposit and I'm just missing it?
 
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V

Vadim Rapp

Hello I:
You wrote on 24 Nov 2004 13:15:57 -0800:

ISB> I was wondering if there was a way to record my paycheck in both my
ISB> checking accounts. I have my direct deposit split between two
ISB> checking accounts and so far the only way I have been able to figure
ISB> out is to manually transfer from one to another in Money - I have
ISB> tried to do it as a deduction after taxes on my split but then my cash
ISB> forcast loses that amount and doesn't consider it as income (and makes
ISB> me look poorer than I already am). Does Money have the option for a
ISB> split deposit and I'm just missing it?

Why not to schedule two separate deposits in the two accounts in Money?

Vadim
 
D

Dick Watson

I don't understand your comment "do it as a deduction after taxes on my
split but then my cash forecast loses that amount and doesn't consider it as
income (and makes me look poorer than I already am)." If, by "deduction
after taxes," you mean "Transfer:[name of second account]", this should work
out fine and is exactly the technique I would recommend. If, OTOH, by
"deduction after taxes," you mean something else like some kind of expense
transaction, I would not expect good results.

Since the cash forecast is by account, if only one account is included in
the cash forecast, then this is as expected. If both accounts are included
in the forecast, the "total of accounts" should reflect the total amount.
Since Income is a function of Income category entries, then a Transfer on
the AT tab should not effect your income in the slightest.

The above assumes you are not using M05 or are using Advanced * in M05. If
you are using Essential * in M05, all bets are off.
 
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J

johnbusc

IMSPB,

You're putting the cart before the horse! Don't think of it as your
paycheck getting deposited into two accounts. Think of it as what you
do with the net proceeds after your employer pays you.

The best way to deal with paychecks is to use a "cash" account,
specifically one created within Money that does not represent a "real"
bank account.

Setup a recurring transaction to this "cash" account in Bills and
Deposits with category "Paycheck". All the details of your pre-tax and
post-tax activity are entered in this transaction.

Then setup two recurring transfers for each of the two direct deposits.

Every pay period, manually record the total paycheck transaction to the
"cash" account after your employer hands/sends you the "advice of
deposit".

Then you can reconcile the two direct deposit transfers either manually
(if you or your banks don't use downloads to Money) or automatically
(otherwise).

Hope this helps.

Regards,
JB
 

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