I'd like to split my salary into salary and deductions (taxes, pension contributions...) but it wont allow me to do so. It seems that all amounts in a split must be positive or negative. they can be a mix of positive and negative. How do I do this?
Split Transaction - Salary
Luca
Comments
Hi Luca,
Thanks so much for getting in touch.
We cannot change a value of a transaction. We pull your data as it's displayed on your online internet banking. The salary transaction that you would have received would have been your Net salary, after the deductions. Our system relies solely on data aggregation, and there is no way to track the deductibles that happen before the transaction is made. We are only able to reflect the actual money that you have, get or spend, as that is what is available to us on your internet banking.
If a transaction is shown as a positive, or a negative, the splits made on that transaction can only be the value that it was originally. If you were able to change the value of a transaction to a value that does reflect on your internet banking, the Net total of the money received would not be accurate, according to the original transaction.
So sorry that I couldn't give you better news here.
Hi Eric, I'm not trying to change the overall value of the transaction. I just need to split it out properly because there are some very important financial components in the salary breakdown.
In other words, if my net pay is R1000, I need to show that my Salary is R2000, less R700 taken off for tax and less R300 transferred to my pension. The split should show R2000 - R700 - R300 = R1000 net pay.
However the split doesn't allow pluses and minuses. How do I achieve this?
Hi Luca,
Because the Net is R1000 (as the example), that is the only trackable transaction amount.
The split feature was designed because a single transaction could include more than one category. It's there to break up that particular transaction into smaller pieces. If the actual transaction amount is R1000 and we split it a few times, those splits would need to add up to the same amount as the transaction's actual total amount. Example: R500, R200, R150, R150 = R1000.
Due to the fact the those deductions were made and then the salary paid into your account, the only transaction amount that we can track would be the R1000 Net pay.
I 100% support Luca's suggestion, this is a seriously needed feature!
The inability to split a single transaction from a salary into incomes and expenses makes it impossible to accurately track (using 22seven) how much is being saved for pension, paid as tax, used for medical insurance, paid to UIF, etc. This is a big downfall, as I would assume a large portion of people receive their income after tax and other deductions have already been made.
All that is needed is the ability to be allowed to split a single transaction into an income and multiple expenses, with the net amount staying the same. Eric, I don't think you are 100% following the request. It is exactly the same principle as splitting any other transaction (which we understand as you've described), except now we want incomes and expenses in one transaction. Now we would like to split a single transaction of, e.g. R1000 for salary into a R2000 income for gross salary, R700 expense for tax and R300 expense for pension.
Hi Cameron,
Thanks for reaching out! We agree that it’s frustrating not being able to see deductions from your gross salary. Our challenge here is that the app isn’t designed to be used in the way described above. We gather transactions from your bank account and display them in 22seven exactly as they appear on your bank statement. As a result, income transactions can’t be marked as expenditure and vice versa. Introducing the ability to split a transaction in this way would result in the app not being a reflection of your bank account and could potentially introduce a bunch of usability issues, issues with calculations (for the likes of nudges) etc.
I’ll share your thoughts with the wider team, though! If we tackle this problem in future it probably won’t be in the form of splitting your income transaction, but I’m sure there are other ways we could deal with the problem if our Product team decides to prioritise it.
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