I have my personal finances in Manager as a business and am trying to figure out a sustainable work flow to bring in biweekly paychecks.
There’s gross pay and a company 401k contribution coming in, and a combination of expenses(taxes, union dues etc), assets (401k), and “Bank Accounts (HSA, DCFSA)” that I need the money to split into.
I’m making the transition from Wave accounting in which I could do everything in one journal entry which was easy to review/modify when needed and kept everything in one place.
Now, I can’t think of a way to handle this without a handful of inter account transfers, journal entries, receipts and payments with a lot of working with a calculator.
I can make life a bit easier if I turn the HSA and DCFSA to normal asset accounts but then I lose the reconciliation tool and also have to use a Journal entry for each purchase I make with my HSA which feels wrong.
Any suggestions at all would be helpful, I’ll be doing this twice a month and can’t imagine there’s not a more logical way to do these sorts of transactions.
About 12 months ago journal entries were opened up to permit the selection of all accounts in the Chart of Accounts so Bank accounts can be selected provided you are using a version later than the change was made and so retaining the ability to use the reconciliation tool.
Woah, that’s news to me, I’m using a server edition that I believe to be current. If it’s not the newest version, it’s at least close as I installed it in the last few months. That would be such a game changer to me that it might enable me to move to manager exclusively. I’m still loading in accounts and determining whether I can switch over.
I realize I may be late to this, but for what it’s worth, you can also use the regular Receipts tab, provided you have your pay and deduction accounts setups as income and expense/asset accounts, respectively.
Start a new receipt and enter your full, gross pay to your income account, then add a line for each deduction to the applicable expense or asset account, and enter those amounts as negative numbers.
Thanks for the interesting work-around! Looks like it won’t fully solve my issue, as the HSA and Dependent Care FSA are both set up as bank accounts. I would add them in the chart of accounts however i’d really like to retain the ability to use the reconciliation tool. It seems that waiting for the expanded permissions in Journal Entries to hit server edition might be the only way to have my cake and eat it too. Thanks again!
Totally, understand I can isolate each part and do them separately, but bringing money into my account with Receipt and then distributing it through a series of transfers to accounts and payments to expense categories is messy, takes a lot of steps and time, and really doesn’t reflect the actual movement of the money. It went straight from my employer to all of these places and I loved being able to accurately reproduce that with one journal transaction in wave. Looks like if I’m patient or counter intuitively move down to the free version I’ll have that option!
