What category should I specify for gross salary in Quicken?
Welcome to Paycheque Setup If you plan to create tax reports or import Quicken data into TurboTax, you should split your paycheque deposit into categories to track T4 salary income, minus payroll tax and other deductions.
How do you report income and expenses?
How to Write an Income Statement
- Pick a Reporting Period. …
- Generate a Trial Balance Report. …
- Calculate Your Revenue. …
- Determine Cost of Goods Sold. …
- Calculate the Gross Margin. …
- Include Operating Expenses. …
- Calculate Your Income. …
- Include Income Taxes.
What categories should be in a budget?
The Essential Budget Categories
- Housing (25-35 percent) …
- Transportation (10-15 percent) …
- Food (10-15 percent) …
- Utilities (5-10 percent) …
- Insurance (10-25 percent) …
- Medical & Healthcare (5-10 percent) …
- Saving, Investing, & Debt Payments (10-20 percent)
How do I customize categories in Quicken?
Edit categories and subcategories
- In Quicken, choose Window menu → Categories. Yes, there is a Window menu on Quicken for Mac. …
- In the Categories window, select the category or subcategory.
- Click the Edit icon.
- Make the desired edits. You can modify the Name, Description, and Tax-related status.
- Click Save.