When you get paid by your employer, the amount of money you receive is less than what you are paid due to social/institutional deductions such as tax, insurance, health and other benefits, retirement (401k) contributions and so on. You might be wondering how to properly record this in MoneyWiz. This guide deals with this problem.
Sadly, at this time MoneyWiz does not support splits among different types of transactions. This means that you'd need to record your income and deductions separately. Here's how you could do this:
- Record a Scheduled income for the date you're usually paid. For the amount enter the full amount that your employer pays out.
- Record a separate Scheduled expense for all the deductions you're paying. This could either be a single expense for all deductions (a split transaction) or you could record a separate expense for each deduction. The date of those scheduled deductions should be the date of your income.
If you're not using Online Banking, the transactions can be automatically paid to immediately reflect your account balance after you've been paid. If you are using Online Banking, we recommend that you disable auto-skip and just manually skip the transactions once the transactions download from Online Banking (because the income amounts won't match, MoneyWiz will not know that it is the same transaction).
We are aware that this is less than perfect and work on implementing advanced split transactions in a future update.