From a personal budgeting view, since these payroll deductions from the paycheck are already allocated to a specific purpose (whether voluntarily or involuntarily), the net paycheck amount of 3000.00 is what is available cash flow to be budgeted.Ĭategorize the gross paycheck amount, payroll deductions and tax withholdings. You could still track your retirement account balances by creating a retirement asset account in one of the registers or you may decide track your retirement account balances outside of the budget spreadsheet. You do not have to set budget for the payroll deductions such as tax withholding, insurance, retirement plan contributions and other voluntary contributions. Just set a budget for your net amount of the paycheck sometimes called your take home pay. This makes budgeting and managing cash flow easier. Just enter and categorize the net amount of your paycheck which is the amount of money that is deposited into your bank account whether by direct deposit or paper check.
This is a simple way to record your income from your employer. The 2 options are: (in both examples 3000.00 is the amount of the paycheck that is deposited into the checking account)Ĭategorized just the net paycheck amount and do not categorize any deductions and withholdings.
You can either categorized just the net amount of your paycheck or using split transactions, categorize the gross payment less tax withholding and deductions to get the net check amount that is deposited into your checking or savings account.
How to enter and categorize your W2 paycheck from your job as an employee into the checkbook software spreadsheet, Georges Budget for Excel. Applies to Excel templates: " Georges Budget for Excel"
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