Tax payments not in budget
We pay our quarterly tax to the government from our Bank of America Checking account. Those payments cross over to Moneydance from the online import from Moneydance+. We do not budget tax payments as those are dependent on gross income, and only net income is budgeted. As a result our budget is always over as a result of these payments. I have attached a screen shot showing this.
What can I do? 1) delete the tax payments from the register (not preferred), 2) mark the payments in a fashion that the tax category is not included in the budget calculation (how do I do that?), or 3) some other process.
Andy
Screenshot_2025-07-24_at_8.52.07 AM.png
Comments are currently closed for this discussion. You can start a new one.
Keyboard shortcuts
Generic
| ? | Show this help |
|---|---|
| ESC | Blurs the current field |
Comment Form
| r | Focus the comment reply box |
|---|---|
| ^ + ↩ | Submit the comment |
You can use Command ⌘ instead of Control ^ on Mac
1 Posted by andyandrobinkel... on 24 Jul, 2025 01:16 PM
I think I figured this out, thanks to chat gpt. I created a new account called Tax Payments as a liability account, not an expense. When a check clears from Bank of America I simply categorize that payment as Tax Payment, which is the name of the account. The money is transferred to that account from the checking account for BOA and is no longer appearing as an expense. Does that make sense?
System closed this discussion on 23 Oct, 2025 01:20 PM.