Pension contribution withholding -> paid to plan -> billed -> submitted (edit)

Example
Monthly Pay. 2000.00
Pension w/h. -200.00
Net Pay. 1800.00
Then the pension admin bills us monthly for 200.00 and we submit the amount withheld.
Best Answer
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From your user name, I assume your question has to do with a pastor salary.
You need to set up a quicken other liability account, maybe called "PastorWithholdings", and an expense account for "salary". Then issue a check for 1800, categorized as a split transaction of salary 2000 and a transfer to "PastorWithholdings" of -200 for the net of 1800.When you go to pay the pension admin each month, categorize that check as 200 transfer to "PastorWithholdings". Each month, the liability account will net out to zero as the admin is paid.
Quicken Business & Personal Subscription, Windows 11 Pro
1
Answers
-
From your user name, I assume your question has to do with a pastor salary.
You need to set up a quicken other liability account, maybe called "PastorWithholdings", and an expense account for "salary". Then issue a check for 1800, categorized as a split transaction of salary 2000 and a transfer to "PastorWithholdings" of -200 for the net of 1800.When you go to pay the pension admin each month, categorize that check as 200 transfer to "PastorWithholdings". Each month, the liability account will net out to zero as the admin is paid.
Quicken Business & Personal Subscription, Windows 11 Pro
1
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