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mike e2
October 20, 2024
Question

payroll

  • October 20, 2024
  • 1 reply
  • 0 views

An employee was being paid via direct deposit and the payment was delayed and they insisted being paid immediately using pay pal.  The payment was made by another person's account, who I now need to repay.  I printed a check to cash so the liability accounts were entered, but now I cannot determine how to record a payment to repay the person for the payment made to the employee. Since now it appears in quickbooks that the money was already taken out.  I can change the account from which the paycheck was printed, but it seems like this could all get done as a journal entry, I just am not sure how to do that. 

1 reply

R
RoseJillB
October 20, 2024

Hi there, @mike e2. 

 

Let's get your repayment recorded to maintain your financial entries accurate. 

 

You mentioned that you already paid via direct deposit, It's just that there were delays. I'd like to know if this money has been returned by the employee.

 

On the other hand, we can record the borrowed amount that was paid to the employee by the other person as a loan to accurately record the transactions. However, Since you already have created a check posted to the liability account, we can create a bank deposit affecting the same liability account if the employee returned the extra pay. Here's how:

 

  1. In your QuickBooks Desktop company file, click the Banking menu.
  2. Choose Make Deposits.
  3. In the Deposit to dropdown, choose the bank account where the direct deposit amount is taken out.
  4. Choose the employee's name under the Received From dropdown and select the liability account in the From Account field.
  5. Enter the additional details you have for the deposit and click Save and Close.

 

However, if the employee didn't return the extra pay, you can repay the other person using your bank account and create an advanced paycheck for the employee to reflect the extra pay they have received.

 

QuickBooks provides several payroll reports that offer a detailed view of your employee's gross pay, deductions, and tax data. To learn more about these reports and how to access them, you can visit this article: Run payroll reports.

 

I'll be right here to continue assisting if you need help managing QuickBooks transactions. It's always my pleasure to assist you.

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