Tracking Gross / Net Payment

I'm currently tracking net payment however I'd like to start using the tax planning features so i'm going to switch to using the "paycheque" feature to track gross payment. Other than using paycheque how do you add other gross income amount (eg rental income)

Mark_B

704 Points

Posted 3 years ago

3 years ago

2,250 Points

I dumped the Paycheque feature about 6 months ago and reverted back to just using the Split function.

Enter your gross income amount as a line entry (is positive). Next line (or lines) are your expenses but enter the amounts as negatives. You will then see that the Net amount is what hits your bank account. You do not enter a net amount, that is calculated by your gross minus expenses.

Comment

2016-11-12T06:56:12+00:00

Andrew Christie

1,812 Points

Yep always done the split for rental income - pay cheque worked a treat when I was working. Never tried it for rental income though.

2016-11-17T01:46:59+00:00

Mark_B

704 Points

is there an actual "split function" you are referring to or just a process you use?. Thanks

2016-11-17T02:06:07+00:00

2,250 Points

Yes, there is a split function, and yes, it is a process I use.

I ditched the paycheque feature as it wasn't very flexible. It's not possible to enter a negative income.

Let me explain. If during a pay period I took some personal leave (sickie) my payslip would indicate my normal gross wages, then the next line entry my normal wages were deducted ( n days ). The nex line entry those n days were applied back associated to personal leave.

Using the paycheque feature it is not possible to replicate precisely, that is, matching up the line items, to the physical payslip.

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