Quicken 2004 Payroll Setup

Is there any advantage in using Quicken 2004 payroll setup over just setting up a single scheduled transactions with the appropriate splits?

There are some things I cannot seem to do when using the payroll setup that are easy to do with a scheduled transaction like assigning classes to all of the entries.

So what is the point of the payroll transaction?

Stu

Reply to
Stewart Berman
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I've never seen the advantage other than it holds your hand for you. As far as I can tell, all you end up with is a split transaction.....

Reply to
Hank Arnold

When (or if) you need to reedit the data, the form is a little easier to manipulate rather than the split entry. For example, if you need to adjust deductions, you don't need to put a '-' sign since the form 'knows' it is a negative amount.

Reply to
Andrew

It's sort of a good news/bad news feature: when you need a "deduction" to have the opposite sign from Quicken's assumption, you can not do it ... then you must create your own transaction with splits.

Reply to
John Pollard

John - can you give an example. Under the earnings is a 'ADD EARNING' button to create an earning entry (is this what you mean by a deduction with the opposite sign?) - and what doesn't that do that a deduction with an opposite sign might do for you?

I know you well enough to understand you have an idea in mind but spell it out for me, I'm dense!

Reply to
Andrew

Someone in this group was receiving expense reimbursements as negative pre-tax deductions - that is, they increased net pay but were not taxable. Because the Paycheck wizard assumes all deductions reduce net, it does not permit a minus sign to indicate a deduction that acts the opposite of the assumption; so the Paycheck wizard could not handle those expense reimbursements. I believe there were one or two other cases with different details, same results, but am too lazy to look for them at the moment.

Reply to
John Pollard

OK - so why can't those simply be entered as a 'ADD EARNING' button request and assign them to some category that is not taxable category assignment. Will increase net pay and not be counted against any taxable income, no?

Reply to
Andrew

Sorry, I read this back when you wrote it and was planning to do some research before answering, forgot to mark your post as unread, and it got lost in the shuffle ... my isp drops posts after about 48 hours or so. I ran across your post again today, so will answer belatedly.

I thought there was at least one post somewhere that had found something unworkable about your suggestion, so I did some more research: I can not find anything that indicates anyone tried your approach and found it unworkable, so my assumption was wrong.

I retract my previous comments.

Reply to
John Pollard

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