Need help on setting up a paycheck

Quicken Personal Finance Discussions - Quicken - personal finance software discussions 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Need help on setting up a paycheck MikeG 01-24-2007  Re: Need help on setting up a paycheck R. C. White 01-24-2007  Re: Need help on setting up a paycheck L 01-25-2007  Re: Need help on setting up a paycheck MikeG 01-25-2007
Posted by MikeG on January 24, 2007, 9:22 pm Please log in for more thread options I have tried setting this up for months, not happy with result. I went the cash account to setup up a paycheck, but it does not match my situation on how I am paid etc. Basically I get paid varying amounts, at varying times and with a paper check . (The Quicken reminder thing bugs me if not on schedule.) I deposit this check into my checking account with other none paycheck deposits. I want to keep track of the gross amount, tax's, FICA etc and have been doing a split entry for my paycheck alone. The problem is that, as far as networth is concerned, I have an amount in the cash account "paycheck" which is duplicated in the checking account because of the deposit. ( I have also tried "do not use in total" checkbox checked) I could, I suppose, split the deposit, making one subcategory, paycheck, and subcategory taxes, etc and yet another subcategory for the other none paycheck deposits, but that seems a pretty dumb way of doing it. I have been entering paychecks for years into the cash account "paycheck" it is accumulating, which seems also a dumb thing to do. I was trying to keep track of the current year paycheck without doing a report every time. After I get my paycheck account going, next step is to add the wifes. Any suggestions would be appreciated. I am using Q H&B 2006 Posted by R. C. White on January 24, 2007, 9:49 pm Please log in for more thread options Hi, Mike. I've never used Quicken H&B and I was retired before they invented the paycheck wizard, but maybe I can help. We often forget to cash small interest checks that we get every month or two. So I created a new Spending Account (to use Q2007's terminology). When the check arrives, I record it in the Undeposited Checks account, crediting it to Interest Income (or _IntInc). When my wife gets around to cashing a couple of the checks in a week or two, I transfer the total from Undeposited Checks to Cash - Wife. Or, if she deposits them into her checking account, I record that deposit, reducing Undeposited Checks. This way, I can record the income on the day it is received, without worrying about whether it got cashed or deposited in the same month or year. And the balance in Undeposited Checks reminds me that we need to cash them. It seems to me that you could do the same thing with your paycheck. Go ahead and record the income and deductions when you get the check, adding the net amount of the check to your Undeposited Checks account. You can add other kinds of checks to that account, too. You can even use it for checks that will be deposited into different bank accounts. Just record all the checks that come in, then record all those that are taken care of. There should never be a large balance in that account - at least, not for long. RC -- R. C. White, CPA San Marcos, TX (Retired. No longer licensed to practice public accounting.) rc@grandecom.net Microsoft Windows MVP (Currently running Vista Ultimate x64) >I have tried setting this up for months, not happy with result. I went the >cash account to setup up a paycheck, but it does not match my situation on >how I am paid etc. Basically I get paid varying amounts, at varying times >and with a paper check . (The Quicken reminder thing bugs me if not on >schedule.) I deposit this check into my checking account with other none >paycheck deposits. I want to keep track of the gross amount, tax's, FICA >etc and have been doing a split entry for my paycheck alone. The problem >is that, as far as networth is concerned, I have an amount in the cash >account "paycheck" which is duplicated in the checking account because of >the deposit. ( I have also tried "do not use in total" checkbox checked) I >could, I suppose, split the deposit, making one subcategory, paycheck, and >subcategory taxes, etc and yet another subcategory for the other none >paycheck deposits, but that seems a pretty dumb way of doing it. I have >been entering paychecks for years into the cash account "paycheck" it is >accumulating, which seems also a dumb thing to do. I was trying to keep >track of the current year paycheck without doing a report every time. >After I get my paycheck account going, next step is to add the wifes. Any >suggestions would be appreciated. I am using Q H&B 2006 Posted by L on January 25, 2007, 9:03 am Please log in for more thread options >I have tried setting this up for months, not happy with result. I went the >cash account to setup up a paycheck, but it does not match my situation on >how I am paid etc. Basically I get paid varying amounts, at varying times >and with a paper check . (The Quicken reminder thing bugs me if not on >schedule.) I deposit this check into my checking account with other none >paycheck deposits. I want to keep track of the gross amount, tax's, FICA >etc and have been doing a split entry for my paycheck alone. The problem >is that, as far as networth is concerned, I have an amount in the cash >account "paycheck" ?? You have a 'cash' account (asset) for your paycheck? > which is duplicated in the checking account because of the deposit. ( I > have also tried "do not use in total" checkbox checked) I could, I > suppose, split the deposit, making one subcategory, paycheck, and > subcategory taxes, etc and yet another subcategory for the other none > paycheck deposits, but that seems a pretty dumb way of doing it. I have > been entering paychecks for years into the cash account "paycheck" it is > accumulating, which seems also a dumb thing to do. I was trying to keep > track of the current year paycheck without doing a report every time. > After I get my paycheck account going, next step is to add the wifes. Any > suggestions would be appreciated. I am using Q H&B 2006 > I've used Quicken for over a decade, and set up my paychecks long before the newer wizards. Each paycheck is set up as a split with multiple categories. The income category is Salary - which is the gross amount of the paycheck. Then there are subtractions for the different categories. This equals the net amount of the check. I set mine up as a memorized transaction to be automatically entered (I didn't need the reminders either). The entry date I set to be about 2-3 days after the paycheck was due to me. That way, when I got paid, I used the 'Enter' button on the calendar to change the date and the amounts if necessary. When making a deposit to the bank that includes more items, I usually edit both the Payee name ('Deposit' instead of 'Salary'/'Paycheck'/'Salary Deposit') and then edit the splits at the bottom to add 'insurance refund' 'gift check' etc. and subtract 'Cash for week'. It's been working for me since 11/30/95 Posted by MikeG on January 25, 2007, 9:30 pm Please log in for more thread options Thanks to R.C. and to L. According to Quicken help instructions. Go to cash flow/go to cash flow center/setup a paycheck. >>I have tried setting this up for months, not happy with result. I went >>the cash account to setup up a paycheck, but it does not match my >>situation on how I am paid etc. Basically I get paid varying amounts, at >>varying times and with a paper check . (The Quicken reminder thing bugs >>me if not on schedule.) I deposit this check into my checking account >>with other none paycheck deposits. I want to keep track of the gross >>amount, tax's, FICA etc and have been doing a split entry for my paycheck >>alone. The problem is that, as far as networth is concerned, I have an >>amount in the cash account "paycheck" > > ?? You have a 'cash' account (asset) for your paycheck? > >> which is duplicated in the checking account because of the deposit. ( I >> have also tried "do not use in total" checkbox checked) I could, I >> suppose, split the deposit, making one subcategory, paycheck, and >> subcategory taxes, etc and yet another subcategory for the other none >> paycheck deposits, but that seems a pretty dumb way of doing it. I have >> been entering paychecks for years into the cash account "paycheck" it is >> accumulating, which seems also a dumb thing to do. I was trying to keep >> track of the current year paycheck without doing a report every time. >> After I get my paycheck account going, next step is to add the wifes. >> Any suggestions would be appreciated. I am using Q H&B 2006 >> > > I've used Quicken for over a decade, and set up my paychecks long before > the newer wizards. Each paycheck is set up as a split with multiple > categories. The income category is Salary - which is the gross amount of > the paycheck. Then there are subtractions for the different categories. > This equals the net amount of the check. > > I set mine up as a memorized transaction to be automatically entered (I > didn't need the reminders either). The entry date I set to be about 2-3 > days after the paycheck was due to me. That way, when I got paid, I used > the 'Enter' button on the calendar to change the date and the amounts if > necessary. > > When making a deposit to the bank that includes more items, I usually edit > both the Payee name ('Deposit' instead of 'Salary'/'Paycheck'/'Salary > Deposit') and then edit the splits at the bottom to add 'insurance refund' > 'gift check' etc. and subtract 'Cash for week'. > > It's been working for me since 11/30/95 > > Similar Threads Posted Setting up a complex Paycheck in Quicken January 7, 2010, 7:33 pm Help Setting Up Quicken August 12, 2008, 4:21 am Setting the Goal on a Fund November 16, 2006, 5:40 pm Setting Up Quicken on a new computer September 5, 2008, 9:27 am FREE Goal Setting Manual December 9, 2007, 3:24 pm "Minimum Gain" default setting? December 28, 2007, 10:19 am setting up new security on quicken 2008 July 13, 2008, 4:10 pm The only available FI's when setting up new accounts are now banks? February 28, 2010, 12:23 pm Problem setting up Principal 401k download June 15, 2006, 3:58 pm Setting up Citi Card for Direct Connect? March 9, 2010, 7:54 pm