How do I create a report that show net pay.

Question

I spilt up my paycheck and broke It down from 401k to all the taxes. In the reports section I unchecked the Tax Category. It won't looks like I'm saving waaaayyyyy more not having the tax expense. How do I make it show my net income on the inflow or income section of report?

Jon · Answer

One way to avoid your 401K contribution showing as an expense would be to create a Quicken account for your 401K and change the 401K contribution to be a transfer to the 401K account. This would also give you the opportunity to track your 401K investments.

Sijidaegu · Answer

I think option 2 suits me best. Been only using quicken since this year and my wife gets paid monthly so should take too long.

Also, in my paycheck split transaction I have “401k contribution”.  When I run report it will show 401k contribution as an expense. How can I not have it as an expense. If I hide the 401k contribution it looks like I’m saving money cause it seems that I’m spending less.

jacobs · Answer

@Sijidaegu Net pay isn't an amount tracked by Quicken, so there are two ways I can think of to get what you want...

The first isn't pretty, but it will get you the correct bottom line total: create a report which includes only your gross pay category and all the deduction categories in your paychecks. The report will give you a total of your gross pay and each of your deductions for the period of the report — and the grant total of the report will be your net pay.

A different approach would be to create a unique Payee for your paycheck deposits (e.g. "Paycheck Deposit - me", separate from "Paycheck Deposit - spouse", "Reimbursement Deposit, etc.) You'll have to go back and change the Payee name for your paychecks from the beginning of the year. But then you can create a report for just this Payee, where each entry all be the net pay from each paycheck.