Would Like to Hear From Other QUICKEN Users

[tperk100]

If acceptable in this forum, I would like to hear from other Quicken users who make journal entries using PW data. I only pay 3 employees. I cannot figure out a good way to get accurate data into Quicken.

Some checks, like FUTA, are obviously Payroll expenses and are easy to accurately account for. Just write the check and use Payroll Expenses for the category.

Where I am confused is on the deductions. For example, the 941. It includes Company paid FICA taxes and employee paid FICA taxes and FIT withheld. What JE do I make? How do I categorize this check? What is the simplest way to do this correctly?

Thanks much for any assistance.

4/25 UPDATE.......my accountant helped me....see below.

[Paul Mayer]

Did you try using the new Quicken Import tool? See this FAQ:

http://zpay.com/vbulletin/showthread.php?2847-Exporting-payroll-to-an-Intuit-Quicken-OIF-File

[tperk100]

I did follow your suggestion, but the QIF only imported net pay ....not enough for me. SOOOoooo....... at no charge to you or your users (!), here is some "valuable" advice on how to track payroll in Quicken when using PayWindow.

At the end of any payroll period, like payday end, month end, or quarter end (your choice), take the PW "Employers Totals" report in hand. For my purpose of explaining this, I will use Period data. You are going to make some Journal Entries into Quicken. Since there is no obvious way to make JEs in Quicken, you are going to create a "net zero" transaction into an account of your choice. I simply use my checking account. Your first JE will require creating some Quicken "categories" and accounts. Future JEs will be much easier / quicker since Quicken will memorize your first JE transaction.

Look at the first attached report. You will see one "group" category named "Pay Exp" and 7 sub categories that were created to track payroll. Since I am not an accountant, I created category names with hints in them reminding me of how they are to be used. ".........Exp" categories remind me to simply write the checks for those expenses and charge them to those categories. "......fr JE" reminds me that these numbers come from my JEs. "...Exchange" reminds me that this category should always ZERO out. Two additional Quicken liability "accounts" were also created, one for Taxes Payable, and one for Simple IRA Payable. These 2 account balances will only show up on your Balance Sheet. You will write checks, performing Quicken "transfers" from these 2 accounts.

Look at the second attachment. This is my 4/19/10 period end JE and associated split.
Gross Wages = Period Total Pay
Co Pay Tax Exp = Period FICA Deduction + Period Medicare Deduction
All Pay Taxes Payable = Period STATE TAX + Employer Federal Liabilities
EmpEE Simple IRA Payable = Period Employee Simple Deduction
Net Pay = Period Net Check Paid

Depending on how much detail you prefer, you can set up either less OR more categories and/or accounts than what I use. For example, you could have one category for FUTA, SUTA, etc.

Hope this is clear and hope it is useful.
Any questions....post here and I will try to help.

[Paul Mayer]

Thanks, I linked this message thread to the FAQ in importing the QIF files to help others as well.