There are plenty of how-to on YouTube, but Gary Striegler is the guy to follow for methods using the Kreg jig that are simple and quick. Striegler uses a frame with inset panel glued to the wall and finished with trim.  I prefer to rabbet the back of the frame to accept the edges of the panel. This allows the entire assembly to be glued together and installed all at once. The backside rabbets will have to be cut out with a chisel on the corners. This technique allows use of a broader range of stock lumber and does not require inside trim to cover the panel to frame joint (along with a pin nailer to install it).

NOTE: Gary Striegler is using poplar for the frame.  S4S poplar that is most available is NOT 3/4″ thick. It is 13/16″ thickness.  

Rabbet Bit  Rabbet, Wainscot Frame