How do I set up a paycheck?


  • To set up a new paycheck, click the Planning tab, then click the Tax Center button if it isn't already open. Click Add Paycheck, then enter the information Quicken requests.
  • To edit all future paychecks of a paycheck you've already set up, choose Tools menu > Manage Bill & Income Reminders, find the paycheck in the list, then right-click on the paycheck name and choose Edit.
  • If you simply want to make a one-time change to a single paycheck instead, you should edit the paycheck in the register. (Optional)

Paycheck Setup wizard

Quicken displays the Paycheck Setup wizard the first time you add a new paycheck to Quicken.

  • Tell Quicken about this paycheck

    Identify this paycheck according to:
    • Whether it is yours or your spouse's. Quicken uses this information to determine which tax categories to use.
    • Company Name: Which employer issues it. This is to help you distinguish it from other paychecks that you may have set up in the same data file. Look for this name in your list of reminders, which can be found in many convenient locations in Quicken.

In the Paycheck dialog

Quicken displays the following fields whether you're adding a new paycheck to Quicken or editing an existing one (for example, to add deduction information or modify a salary amount).

  • Top of this dialog

    Confirm the information you've already entered:
    • Company Name: Which employer issues it. This is to help you distinguish it from other paychecks that you may have set up in the same data file. Look for this name in your list of reminders, which can be found in many convenient locations in Quicken.
    • Account: Identify the account you want to deposit this paycheck into.
    • Memo: Use this for notes.

    Tell Quicken how to enter this paycheck:

    At the top of the Paycheck dialog, if you don't see the Scheduling area, click the double arrows.

    • In the Start on field, enter when you're due to receive the next paycheck.
    • Select the appropriate option:
      • Select Remind Me if you want Quicken to prompt you to record the paycheck transaction. Select this option if you don't receive this paycheck on a regular basis.
      • Select Automatically Enter if you want Quicken to record the paycheck for you without prompting.
    • Enter the number of days in advance that you want Quicken to prompt you to record future paychecks, or automatically record them for you.
    • In the Frequency field, select the frequency that most nearly matches how often you receive this paycheck.

    Track Net Only / Track Deductions
    Click Track Net Only, and then click Done if you don't plan to do any tax planning in Quicken. Otherwise, continue entering deduction data in the following fields (click Track Deductions if you can't see the following fields).

  • Earnings

    Quicken automatically includes a line for Salary. Enter the total (gross amount before deductions) in the Amount field. You can also make the following changes here.
    • If this paycheck includes multiple sources of income or earned time off, click Add Earnings to add a monetary earning (salary, bonus, profit sharing), or a time off category for which you're reimbursed (vacation, holiday, sick pay, other earning). Use the time off categories only if your paycheck requires them to calculate the total dollar amount.
    • To change an existing line item, click Edit.
    • To remove an existing line item, click Delete.
  • Pre-Tax Deductions

    Quicken leaves this area blank until you add a line yourself.
    • Click Add Pre-Tax Deduction to add a tax-deferred or tax-exempt account (401(k), PERS/SARSEP/SIMPLE, flexible spending account for health-care expenses, flexible spending account for child care expenses), or an insurance category (medical insurance, dental insurance, vision insurance). You should use insurance categories only if your paycheck requires them to calculate the total dollar amount.
    • To change an existing line item, click Edit.
    • To remove an existing line item, click Delete.
    • If your paycheck includes reimbursement for work-related expenses, you can enter a negative adjustment as miscellaneous income.
  • Taxes

    Quicken adds the common ones for you. In the Amount field, enter the appropriate amount.
    • Click Add Tax Item to add a payroll tax deduction (federal tax, state tax, Social Security (FICA) tax, Medicare tax, state disability (SDI) tax, some other tax that is withheld.)
    • To change an existing line item, click Edit.
    • To remove an existing line item, click Delete.
  • After-Tax Deductions

    Quicken leaves this blank until you add an item yourself.
    • Click Add After-Tax Item to add an after-tax account contribution (employee stock purchase plan (ESPP), 401(k) loan, employer loan repayment), or some other after-tax category. You should use other after-tax categories only if your paycheck requires them to calculate the total dollar amount.
    • To change an existing line item, click Edit.
    • To remove an existing line item, click Delete.
    • If your paycheck includes reimbursement for work-related expenses, you can enter a negative adjustment as miscellaneous income.
  • Deposit Accounts
    Identify the accounts into which you deposit this paycheck. Click Add Deposit Account to add an additional one if necessary. Do this if you have part of your paycheck automatically transferred to a savings account, for example.

Next Steps

Should I enter year-to-date information?

Notes

  • You can split your paycheck deposit into categories to track W-2 salary income, minus state and federal payroll tax deductions, tax-deferred 401(k) contributions, insurance deductions, and the various transfers that each paycheck contains. This information is then available for import into TurboTax as well as for use in the Tax Planner and various tax estimators.
  • The Paycheck Setup wizard supports only U.S. currency. If you add a non-U.S. currency account in Quicken, you cannot select it for your paycheck's deposit account or for use as a transfer accountsuch as 401(k), flexible spending, dependent care, loans, ESPP, and so on.

Search Support:

Search form

Tip: To find out which version of Quicken you are using, open Quicken go to Help menu and select About Quicken.