Need help on setting up a paycheck

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

?? You have a 'cash' account (asset) for your paycheck?

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

Thanks to R.C. and to L. According to Quicken help instructions. Go to cash flow/go to cash flow center/setup a paycheck.