Paycheck Setup (Win)

To set up your paycheck so Quicken can use it, you'll need your latest paycheck stub. In Quicken, choose Cash Flow > Banking Activities > Set Up Paycheck. The first screen of the Paycheck Setup assistant appears. It's just informational, so click Next .

On the next screen, tell Quicken if this is your paycheck or your spouse's, then enter the name of your employer. Click Next.

This next screen allows you to enter details of the transaction or just the net pay. Choose to track all earnings, taxes, and deductions, then click Next.

The main Set Up Paycheck dialog appears. It's a big dialog, so I'll show it in pieces as we work through it. At the top of the dialog, the Account pop-up menu shows the account to which the paycheck will be deposited. If the account is correct, move on; otherwise choose the proper account.

The Scheduling area is next. This allows Quicken to automatically enter your paycheck every pay period. Begin here by entering the date of your paycheck next to where it says Start on . You can type in the date, or you can click the calendar icon to get a pop-up calendar. Click a day in the pop-up calendar to enter it in the Date field. Next, choose Remind Me or Automatically Enter from the pop-up menu, and choose how many days in advance you want to be reminded to enter the paycheck. Depending on your choice, Quicken will give you a reminder that the deposit will be made, or will just enter it automatically in the register. If your paycheck is regular and the amount doesn't change from check to check, I recommend that you choose Automatically Enter here. If your paycheck amount varies, choose Remind Me; that way, when the paycheck arrives, you can change the split amounts in the transaction based on the amounts in your paycheck stub. Finally, choose how often you get paid from the Frequency pop-up menu.

In the Earnings section, enter the gross amount of your salary, before any deductions. If you have other earnings that are included in the paycheck, such as a bonus, vacation pay, profit-sharing, and so on, choose the type of earning from the Add Earning pop-up menu. In the resulting Add Earning dialog, enter the amount, and then click OK.

Many people have deductions that are taken out before taxes, such as contributions to a 401(k) or other retirement account, or deductions for medical or dental insurance. If you have such pretax deductions, click the Add Pre-Tax Deduction button to get a pop-up menu with the possible choices.

If you choose any of the first four choices, the Quicken Account Setup assistant starts up to help you create a Quicken account for the retirement or benefits plan you selected. Work through the assistant to create the account; you will return to the Set Up Paycheck dialog and will be presented with a dialog that allows you to enter the contribution amounts. For example, if you set up a 401(k), the Add 401(k) Deduction dialog appears. Fill out the dialog, then click OK.

If you have other pre-tax deductions, add them now. Otherwise move on to the Taxes section, which is filled out for you with a standard set of taxes.

Click the Edit button next to each line item, and in the resulting Edit Tax Item dialog, enter the amount of that tax from your paycheck stub, then click OK. If you don't have some of the listed taxes (if, for instance, you live in a state with no state income tax), click the Delete button next to that line item. Continue through the line items until you are done.

Some people have payroll deductions that are taken after taxes. For example, if you participate in an Employee Stock Purchase Plan (ESPP), you can purchase your company's stock with every paycheck. If you have such ESPP deductions, click the Add After-Tax Deduction button to get a pop-up menu with the possible choices, then work through the resulting dialog.

The bottom of the Set Up Paycheck dialog shows you the account to which the paycheck will be deposited, your net pay, and the W-2 Gross pay (the W-2 Gross is less than the Salary because of the 401(k) contribution, which comes off the top). You're done setting up your paycheck; at the top of the Set Up Paycheck dialog, click Done.