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

Churchlady
Churchlady Member ✭✭
How do you enter this in Quicken:
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

  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    edited March 2023 Answer ✓

    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 Home

Answers

  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    edited March 2023 Answer ✓

    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 Home

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