How do I account for gross wages, nett wages and tax and reconcile with the bank account entry.
If, say , I pay John $200 wages and withhold tax of $25 for a nett payment to John of $175. How and what do I enter into quicken so I can reconcile the $175 in the bank?
I have tried looking at the community answers and when I read "After adding the payment(s), the Payroll Clearing Account should have a balance of zero. To verify this, go to the Chart of Accounts and double-click the account name to view the register.", I got lost.