Adding and Editing Paychecks


As with scheduled transactions, there are several places from which you can add new paychecks, for example, the Scheduled Bills & Deposits section of the Cash Flow Center. Also, like scheduled transactions, as you manage and work with your bills and transactions, you can add new paychecks, edit existing paycheck information, and add one-time payments. Before you begin, get your paycheck stub. You will need it when entering your deduction information.

Add a New Paycheck

If you don't already have the Cash Flow Center open, on the account bar, click Cash Flow Center and then scroll down to the Scheduled Bills & Deposits section.

Click Set Up Paycheck.

Click New.

Click Next.

Specify whose paycheck this isyours or your spouse's.

In Company Name, type the source of the income. If the source is an individual, you can use their name. If the income is from a company already in use, Quicken does not allow you to use the same name twice. Therefore, you will have to use a unique name or identifier.

If you'd like to make a notation about the incomefor example if the income is from the same source as a paycheck that is already set upclick in Memo and type a notation. Then click Next.

Select whether you want Quicken to track taxes and other deductions taken from the income, or if you want to track the net deposits only. Click Next.

IMPORTANT If deductions are taken out of this income, it is wise to have Quicken track the earnings, taxes, and other deductions. Quicken can use this information to forecast your taxes and when it comes time to do your taxes, you can export this and all other tax-related information to use in TurboTax, other tax software, or to give to your accountant.

Select the account into which the income is deposited.

Select or type the date you begin receiving the income and how frequently, if the income is continual. If this is a one-time deal, select Only Once from the Frequency drop-down menu.

To create a scheduled transaction for this deposit, select Remind Me or select Automatically Enter to have Quicken enter this deposit in your account register for you. Then enter the number of days in advance you want for this transaction to either show up in Scheduled Bills & Deposits or be recorded in your account register.

For Your Information

If you choose to track taxes and other deductions in step 8, the Track Net Only button appears in the top portion of the window. You can click this button to hide the deductions portion of the window so that you can track only net earnings. Or, if you choose to track only net deposits, the Track Deductions button appears in the top portion of the window. Clicking this button allows you to enter deductions for the paycheck.


For Your Information

If you don't want to be reminded of this transaction or the income is a one-time occurrence, type "0" in Days in Advance.


Add Earnings Information

If the income you are adding is you or your spouse's salary, click in Amount and type the salary amount.

If the income is not salary, from the Add Earning drop-down menu, select the type of income you are adding.

The Name and Category fields are already completed for you. However, you can change them, if needed.

Type the amount of the income and click OK.

For Your Information

If you opted to track only the net earnings, you do not see the Earnings, Pre-Tax Deductions, Taxes, or After-Tax Deductions sections of the Set Up Paycheck window.


Add Pre-Tax Deduction Information

If the income you are adding has any pre-tax deductions, for example, insurance or flex-spending, from the Add Pre-Tax Deduction drop-down menu, select the deduction you want to add.

The Name field is already completed for you. However, you can change it, if needed.

If applicable, select the account associated with the deduction.

Type the amount and in the case of a 401(k) match, type the company's contribution in the Employer Match field. Click OK.

For Your Information

This example uses a 401(k) deduction. What you see for the remaining steps depends on which option you select in step 1 of the "Add Pre-Tax Deduction Information" section.


Add Taxes and After-Tax Deductions Information

To enter the tax deductions, click in the Amount column for each applicable tax category and type the appropriate amounts.

If a tax category is not listed, click Add Tax Item, select the tax item you want to add. If it is not listed, select Other Tax to add it.

If you have any after tax deductions to apply, such as a stock purchase, click Add After-Tax Deduction and select the deduction you want to add. The process works the same as adding pre-tax deductions.

Add Deposit Accounts Information

The account you selected from the Account drop-down menu at the top of the Set Up Paycheck window is automatically listed in the Deposit Accounts section. To add another account to which some of the income is deposited, click Add Deposit Account.

Select the account you want to add.

Type the dollar amount that is deposited into the account you selected in the previous step and click OK. Quicken adds the account to the list and automatically adjusts the amount deposited into the primary account.

TIMESAVER After the account is added to the Deposit Accounts section, you can change the deposit amount, if needed, by clicking in the Amount column for that account and typing over the amount. You can also delete the account by clicking the Delete button next to the account. This does not delete the account itself; it only tells Quicken that no money is going into this account for this income.

When you are finished adding all the information for the new paycheck, click Done. A message appears asking if you want to add year-to-date information for the income.

Select I Want to Enter Year-to-Date Information to enter the year-to-date deductions information. Otherwise, select I Do Not Want to Enter This Information to bypass this step.

For Your Information

If this is a one-time payment, you don't need to enter year-to-date information because the deductions you entered when it was set up are all that are needed. However, if this is an ongoing salary, you should enter the information. Quicken uses this information for your taxes for forecasting and tracking purposes, which is used in reports and can be used to file your taxes.


Edit or Delete a Paycheck

If you don't already have the Cash Flow Center open, on the account bar, click Cash Flow Center and then scroll down to the Scheduled Bills & Deposits section.

Click Set Up Paycheck.

To edit an existing paycheck, select it and click Edit.

Change any of the information by clicking in the fields and typing, using the Edit and Delete buttons, and using the drop-down menus. When you are finished making changes click Done.

To remove a paycheck, select it click Delete.

See Also

See the previous task, "Add a New Paycheck" for more detailed information on completing paycheck information.


When you are finished with paychecks, click Done.




Quicken 2007 On Demand
Quicken 2007 On Demand
ISBN: 0789736381
EAN: 2147483647
Year: N/A
Pages: 138
Authors: Gina Carrillo

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