Income earned in advance

[Mark Cole]

I am a teacher and get paid once a month. Part of my check is
"Holdback". This means that I work 10 months but get a check for 12
months.

The Holdback amount is deducted from my pay and put into an account.
During the summer months, my pay comes from this account until the
account is zero. The ammount taken out during the 10 months I work is
never the same amount.

Is there some way I can set this up in Quicken? I am using Quicken
2003.

Thanks in advance for your assistance.

Mark

[Margaret Wilson]

Set up an account called "Holdback," or something similar. Then set up your
paycheck with all the normal deductions, reductions and transfers. Also
include a transfer amount to "Holdback." I'd just use your last paycheck.
Next schedule a paycheck transaction. (I'd just have it automatically
enter.) When you actually get your pay stub, edit the paycheck transaction
so the amounts are correct. Since the amounts vary, you'll always (or
almost always) have to edit the amounts. When summer comes and your
paychecks stop, set up a separate paycheck that transfers mney from the
Holdback account. (I haven't actually set up a paycheck this way, so I
don't know if it's actually possible.) You may need to manually create a pay
transaction so it takes the money from Holdback.

Another way to do it, if you don't care about tracking the holdback amount,
is simply to create a paycheck transaction with the "net" amount, that is,
ignoring the holdback amount. Then you'll just schedule the paycheck for 12
months instead of 10, as above.

Now I have a question. I have a couple friends who are teachers. They
choose to be paid 10 times a year (instead of doing the holdback thing).
They take a proportionate amount from each month's check and put it in a
money market or savings account. When summer arrives and their paychecks
stop, they live off what's in the money market or savings account. This way
*you* get the little bit of interest the money earns during the year instead
of letting the school district have it.

Hope this helps,

Regards,

Margaret

<mec6@yahoo.com> wrote in message
news:1125544539.897345.231420@z14g2000cwz.googlegroups.com...I am a teacher and get paid once a month. Part of my check is "Holdback". This means that I work 10 months but get a check for 12 months. The Holdback amount is deducted from my pay and put into an account. During the summer months, my pay comes from this account until the account is zero. The ammount taken out during the 10 months I work is never the same amount. Is there some way I can set this up in Quicken? I am using Quicken 2003. Thanks in advance for your assistance. Mark

[Margaret Wilson]

OOPS, my question was, "why not take your money when you earn it, and let it
earn interest during the year?" Or does your school district not provide
this option?

Regards,

Margaret

"Margaret Wilson" <twokatmew@nospam.msn.com> wrote in message
news:df6tpt02219@news2.newsguy.com... Now I have a question. I have a couple friends who are teachers. They choose to be paid 10 times a year (instead of doing the holdback thing). They take a proportionate amount from each month's check and put it in a money market or savings account. When summer arrives and their paychecks stop, they live off what's in the money market or savings account. This way *you* get the little bit of interest the money earns during the year instead of letting the school district have it. Hope this helps, Regards, Margaret <mec6@yahoo.com> wrote in message news:1125544539.897345.231420@z14g2000cwz.googlegroups.com...I am a teacher and get paid once a month. Part of my check is "Holdback". This means that I work 10 months but get a check for 12 months. The Holdback amount is deducted from my pay and put into an account. During the summer months, my pay comes from this account until the account is zero. The ammount taken out during the 10 months I work is never the same amount. Is there some way I can set this up in Quicken? I am using Quicken 2003. Thanks in advance for your assistance. Mark

[JMC]

Would suggest one slight modification to Margaret's reply to simplify:

Do not think you will need a 'Paycheck' transaction for the two summer
months - a simple transfer from 'Holdback' to checking should suffice.
I am assuming that all of the deductions and with-holding categories
are covered in the 10 regular paychecks.

[Margaret Wilson]

I assumed that since the school district is holding part of his pay, that
deductions/reductions would be taken at actual payment time. But you're
right, perhaps they do all withholding up front. That would be simpler.

Regards,

Margaret

"JM" <zado_38@yahoo.com> wrote in message
news:1125582844.503467.169190@g44g2000cwa.googlegroups.com... Would suggest one slight modification to Margaret's reply to simplify: Do not think you will need a 'Paycheck' transaction for the two summer months - a simple transfer from 'Holdback' to checking should suffice. I am assuming that all of the deductions and with-holding categories are covered in the 10 regular paychecks.

[Mark Cole]

You all are the best! Everytime I get stumped, I ask this group and
somebody figures out what I could not. Thank you all.

I setup a Transfer account as a Pre-tax deduction, I have to do that so
that in the months - December and the summer that money gets deducted
from the Holdback account - I use that as income account. The taxes
and such are taken out over 12 paychecks and not 10.

And yes, this is the only option of pay in this school district. I
would much rather have the choice and take care of my own money but
that is not an option here.

Again - thank you.

Mark