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smileyriley
July 18, 2022
Question

Double entries for vendors paid by direct deposit

  • July 18, 2022
  • 1 reply
  • 0 views

My customer is creating a bill for a contractor and paying the contractor by direct deposit. I'm seeing two transactions in the chart of accounts. One where the bill is showing as paid and the other is a payroll expense. Which one should I map the bank transaction to? 

 

Also the bill has a category as a contractor expense. Should we be using payroll expense?

1 reply

KlentB
KlentB
July 18, 2022

I'm here to guide you in matching that transaction, smileyriley0.

 

Since you've paid the contractor through direct deposit, you can match the downloaded transaction to the payroll expense. This links them together so you don't get duplicates. Here's how:

 

  1. Go to the Transactions or Bank menu.
  2. Select the Banking tab, then click the tile of the bank account.
  3. Head to the For review tab, then find and select the downloaded transaction.
  4. Click the Find match option, then review matching records.
  5. Choose the payroll expense transaction, then hit Match or Save.

With regard to your second question, I'd recommend consulting an accounting professional in choosing the appropriate category to ensure that your expense transactions will be accurately tracked.

 

I'm also adding these articles to help review your bank transactions and keep your accounts accurate/up-to-date:

 

Feel welcome to reach out to me again if you need further assistance in handling your other vendor transactions. Have a great rest of the day.

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