Overview
If you would like to track your pre-deposit paycheck deductions, such as federal and state taxes, Social Security tax, and health insurance deductions, Quicken Simplifi can help you do so.
Tracking Pre-Deposit Paycheck Deductions
Currently, the best way to track pre-deposit paycheck deductions in Quicken Simplifi is to split the transaction. When splitting it, use the net paycheck amount as the Total. Then create a primary split with an income category like “Paycheck” and enter the gross paycheck amount as a positive number.
Next, add as many split lines as needed. Categorize each one and enter the deduction amounts based on your paystub.
When finished, the total should match your net paycheck amount.
From the Dashboard, select the account where your paycheck is recorded.
Click the +Transaction tile in the upper-right corner of your Transaction Activity.
In the Create transaction, enter the Payee, a Date, and Amount.
To assign multiple categories, click Split.
Select the appropriate category. To add more splits, click the Add Split tile.
Click Continue.
Click Create when finished.
Note: Please see our Support Article here for more details on using splits in Quicken Simplifi.
How Does This Look in the Spending Plan?
When you track paycheck deductions this way, the Spending Plan may look confusing. Paycheck income will show only the net amount, while deductions appear under Other Spending. This can make it seem as if the deductions are being taken from net pay rather than gross pay.
No need to worry. The total in the Income section will update to show your gross paycheck. This balances out the deductions in Other Spending, so your Spending Plan still reflects the correct net amount and an accurate “available” total.
If you have any questions about Quicken Simplifi, our support team is here to help.