Hi all
I have just started using Quicken Personal 2005 (in Australia) for the first time.
I am trying to determine whether the paycheque setup wizard is suitable or not for my circumstances.
My employer deposits my salary fortnightly into my Home Loan account. I can easily redraw funds from my Home Loan account to put small amounts of cash into a savings account or pay my credit card off each month.
In the paycheque setup wizard it appears the primary account for managing paycheques must be a cashflow account. That is, I don't have the option to choose my Home Loan account. I can add my Home Loan account as a "Deposit Account" further down on the wizard but the reminder for the payslip will appear in the cashflow account.
I've played around with this feature and don't really like what I get. I am looking for more flexibility with the paycheque setup wizard.
I think the best option might be to simply enter my paycheque manually and ignore the wizard. I will need to add a new category with the tax type "Tax instalments deducted" as there is no default category for this in Quicken (it looks like if you use the wizard Quicken puts the income tax into a relevant "hidden" category). This should be no big deal. Note though, I have read there may be some issues with not using the paycheque setup wizard, e.g. planning centre tools rely on your paycheque being setup through the wizard. I would hope these planners have alternatives for this?!
Has anyone else come across a similar issue with the paycheque setup wizard? Are there other/better ways of doing this?