I have signed up to have the fees for our rail system deducted from my paycheck as a pre tax deduction. I receive a paycheck every two weeks but the Metro fees are deducted in the first paycheck of each month.
I thought of setting up two alternating paychecks every 4 weeks but that is not a 100% solution. I think I am going to set the paycheck up with a space for the Metro fees as pretax and leave it blank and populate manually once a month.
Is there any way of setting up a periodic deduction like this? Thanks
The only issue I see is that twice during the year the OP will have 3 pay checks in a single month. I assume that is what he meant by setting up "2 alternating paychecks every 4 weeks is not a 100% solution". Thus twice a year he will need to edit the entries to reverse which is the first paycheck of the month.
Someone emailed me about this subject; they were concerned that Quicken would not permit more than one scheduled paycheck to have the same payee (company).
For that person and any others thinking the same thing: this is a common misconception, which Quicken does nothing to prevent.
At the first point in the paycheck setup dialog where the user is asked for the "company" (payee), Quicken will refuse to accept the name of an existing paycheck payee.
But that is the only time that Quicken will enforce that condition. While you must give Quicken a unique paycheck payee name at that point, later in the paycheck setup process (and anytime after the paycheck has been created), the paycheck payee can be changed to be the same as any other Quicken paycheck payee.
Good advice, as always, but...one little nitpick. (You know me. )
The person - or company - who writes the check is the payor. The payee would be Mr. Jan.
RC
-- R. C. White, CPA San Marcos, TX (Retired. No longer licensed to practice public accounting.) snipped-for-privacy@grandecom.net Microsoft Windows MVP (2002-2010) (Using Quicken Deluxe 2011 R 8 and Windows Live Mail in Win7 x64)
"Mr.Jan" wrote
Someone emailed me about this subject; they were concerned that Quicken would not permit more than one scheduled paycheck to have the same payee (company).
For that person and any others thinking the same thing: this is a common misconception, which Quicken does nothing to prevent.
At the first point in the paycheck setup dialog where the user is asked for the "company" (payee), Quicken will refuse to accept the name of an existing paycheck payee.
But that is the only time that Quicken will enforce that condition. While you must give Quicken a unique paycheck payee name at that point, later in the paycheck setup process (and anytime after the paycheck has been created), the paycheck payee can be changed to be the same as any other Quicken paycheck payee.
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