Paychecks and Deductions

Hello, just started using Tiller and enjoying using it. I looked for an answer to this and read related topics, but wanted to verify here. Sorry if it is too basic a question!

My paycheck has a list of deductions for taxes, health insurance, life insurance, 401k, etc. so the amount deposited into my checking account is my net after these deductions. I want to track the deductions in their respective categories, so I’m thinking that I will need to go to the transaction entry where the net amount is recorded as a deposit into my checking account, change it to my gross amount and use the add on to split the transaction. Is this the right / best way to go about this? Is there a way to avoid having to do this manually for every paycheck. Twice a month would get a bit tedious.

Thanks!

Hi @KevinG,
That is NOT too basic a question! It’s something many people likely are dealing with.

Yes, one option is to use the add-on to split that transactions. I use that when I have a simple, non-recurring split.

But check out this discussion for another way to handle recurring transactions with multiple splits:

@kevin

Basically, you need to do it manually.

I do my wife’s once a month. I know time is precious, but it takes me 1-2 minutes per paycheck.

Here is how I label the payroll deductions. I use PD in front so they are all together when you hit the arrow in the drop down box.

Welcome!

Thanks,

Blake

Thanks Blake, this is helpful! Interested to know…you are active in the forum and I’ve read several helpful posts from you. I believe it was you that said you have over 300 categories you use. If I am remembering correctly, I see that you use `Paycheck Deduction’ for all deductions and you don’t categorize for taxes, insurance, etc. While I realize this is personal preference, I’d be interested to know why you break them out that way.

Thanks again!
Kevin

Thanks Jonorlin! I will install the add-on and give it a spin. Much appreciated!

Kevin

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@KevinG

I guess it is a personal preference like you say. I want to see all my payroll deductions together when I run my P&L report and am not interested that much whether they are taxes, insurance, etc.

Here are my Groups for Insurance and then another one for Taxes.

Please let me know if there is anything else.

Thanks,

Blake