Pay bill from paycheck

Hi, everybody!

I have a recurrent bill that will end someday (23 months from now).
This bill is automatically debited from my paycheck, witch I track
cent by cent in Money07 Deluxe as well.
Is there some way to track the bill (creating a bill in the BILL PAGE)
AND make it payable from the paycheck details?
I mean:
1. Create a bill.
2. Insert the bill details in my monthly paycheck
3. mark the debit in my paycheck as the bill being paid

Could it be?
Any idea, if not?

thanks a lot!

Chris
Mon Jul 28 20:45:33 CDT 2008

"Daniel" <daniel3ub@gmail.com> wrote in message
news:ab5a2d75-c0ba-470a-a69f-5d68005c9850@x41g2000hsb.googlegroups.com...
> Hi, everybody!
>
> I have a recurrent bill that will end someday (23 months from now).
> This bill is automatically debited from my paycheck, witch I track
> cent by cent in Money07 Deluxe as well.
> Is there some way to track the bill (creating a bill in the BILL PAGE)
> AND make it payable from the paycheck details?
> I mean:
> 1. Create a bill.
> 2. Insert the bill details in my monthly paycheck
> 3. mark the debit in my paycheck as the bill being paid
>
> Could it be?
> Any idea, if not?
>
> thanks a lot!

Create an account for that purpose. The paycheck withdrawal can be a
transfer into that account, and the actual bill can be an expense on
that account.
--
Chris Cowles
Gainesville, FL

Art
Mon Jul 28 20:50:28 CDT 2008

It actually depends upon what you are trying to track in that payment. If
it simply is pay so much money each month to this FI and you are not
tracking principal & Interest portion of the bill than you can simply add it
to your paycheck deposit information in the bills and deposits. Along with
the Taxes, etc. But if you want to also track the interest payments (car
loan or 2nd trust) on each payment then you need to have the transfer to
another account (even a temporary use account) and then schedule a bill
payment from that account.

For example when my car payment to the credit union was being taken out of
my paycheck, I had the money first "deposited" in my cu savings account and
then I had a second bi-weekly entry that made the loan payment.


"Daniel" <daniel3ub@gmail.com> wrote in message
news:ab5a2d75-c0ba-470a-a69f-5d68005c9850@x41g2000hsb.googlegroups.com...
> Hi, everybody!
>
> I have a recurrent bill that will end someday (23 months from now).
> This bill is automatically debited from my paycheck, witch I track
> cent by cent in Money07 Deluxe as well.
> Is there some way to track the bill (creating a bill in the BILL PAGE)
> AND make it payable from the paycheck details?
> I mean:
> 1. Create a bill.
> 2. Insert the bill details in my monthly paycheck
> 3. mark the debit in my paycheck as the bill being paid
>
> Could it be?
> Any idea, if not?
>
> thanks a lot!

Daniel
Mon Jul 28 21:38:51 CDT 2008

thanks a lot for your quick answers, pals!

My problem is that I don't know how to put these details into my
paycheck information. All I can put in there is a memo and a value. Is
there a way to say "this item of my paycheck splits is relative to
this bill"?

I just wanto to keep track of the amount paid, not interests or
whatever, but I want my paycheck to be precise and EXACTLY equal to my
printed paycheck (i.e: all items and values).

So, I want to have a Bill set for this bill, and I want to have in my
paycheck a item that is equal to this bill value beind debited. But I
don't know how to link these two things (bill and paycheck item).

thanks a lot!


On Jul 28, 10:50 pm, "Art McClinton" <art.mcclin...@cox.net> wrote:
> It actually depends upon what you are trying to track in that payment. If
> it simply is pay so much money each month to this FI and you are not
> tracking principal & Interest portion of the bill than you can simply add it
> to your paycheck deposit information in the bills and deposits. Along with
> the Taxes, etc. But if you want to also track the interest payments (car
> loan or 2nd trust) on each payment then you need to have the transfer to
> another account (even a temporary use account) and then schedule a bill
> payment from that account.
>
> For example when my car payment to the credit union was being taken out of
> my paycheck, I had the money first "deposited" in my cu savings account and
> then I had a second bi-weekly entry that made the loan payment.
>
> "Daniel" <daniel...@gmail.com> wrote in message
>
> news:ab5a2d75-c0ba-470a-a69f-5d68005c9850@x41g2000hsb.googlegroups.com...
>
> > Hi, everybody!
>
> > I have a recurrent bill that will end someday (23 months from now).
> > This bill is automatically debited from my paycheck, witch I track
> > cent by cent in Money07 Deluxe as well.
> > Is there some way to track the bill (creating a bill in the BILL PAGE)
> > AND make it payable from the paycheck details?
> > I mean:
> > 1. Create a bill.
> > 2. Insert the bill details in my monthly paycheck
> > 3. mark the debit in my paycheck as the bill being paid
>
> > Could it be?
> > Any idea, if not?
>
> > thanks a lot!

Dick
Mon Jul 28 22:34:53 CDT 2008

I'm assuming you are using Advanced Register. Are you also using Paycheck
style Special Category for your paycheck? (I.e., the "Split" with multiple
tabs, one for Wages income, one for Before Tax deductions, etc.) If you are,
then you can just make an entry on the After Tax tab of the (already
scheduled in Bills & Deposits?) Paycheck in the amount and with the right
category and a Memo for the entry--say "this is the payment to Mondo Supply
for the so and so").

What you can't do is have a separate Payee for this Bill since it will be
the same as the one for the overall paycheck.

I'm also assuming that this bill isn't already an Account with a balance in
Money. If so, on the After Tax tab, add a Transfer : [name of Money
account].

As for your originally stated requirement of this being true for so many
months, I'd probably worry about it when I got there since the budget will
likely get confused by option 2. Option 2, better for long term cash flow
forecasting but lousy for Advanced Budgeting, is to schedule the Paycheck
setup this way to end in a certain number of entries and then schedule
another Paycheck, just like this one except without the deduction, with the
first occurrence one interval after the deduction ends.

If you want to see the Payee, what I'd do: I'd set the Paycheck up to
Transfer : [my pocket change account] the bill amount and then schedule
another bill against the pocket change account on the exact same schedule as
the paycheck, to pay the bill. Enter both every paycheck. Money shows up in
"virtual" pocket change account. Money disappears from "virtual" pocket
change account. Live happily ever after.

"Daniel" <daniel3ub@gmail.com> wrote in message
news:a670cd72-d373-4abb-942e-fe19e95c2c0d@s50g2000hsb.googlegroups.com...
> My problem is that I don't know how to put these details into my
> paycheck information. All I can put in there is a memo and a value. Is
> there a way to say "this item of my paycheck splits is relative to
> this bill"?
>
> I just wanto to keep track of the amount paid, not interests or
> whatever, but I want my paycheck to be precise and EXACTLY equal to my
> printed paycheck (i.e: all items and values).
>
> So, I want to have a Bill set for this bill, and I want to have in my
> paycheck a item that is equal to this bill value beind debited. But I
> don't know how to link these two things (bill and paycheck item).