Set up a paycheck so you can tag the difference between gross and net

Purpose:  When your paycheck is direct deposited into your bank account, that amount does not reflect what you actually earned.  So, how do you track the taxes, insurance, 401k contribution, etc. that was automatically deducted by your employer?  One approach is to add a manual deposit of the gross into a cash account, then enter the spending as two separate transactions, one being the actual net which will be automatically marked by Wesabe as a transfer to the matching transaction in your bank account.  The rest can be split as one-time-tags for taxes, health care, 401k contributions and so on.

Create a cash account then add the following three transactions:

1. Paycheck - Gross (earned), Tags: salary
2. Paycheck - Net (spent), automatically marked as a transfer to the corresponding deposit in my checking account
3. Paycheck - Deductions (spent): One time tags: health-care:XX investment:XX taxes:XX etc.