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person13
February 24, 2023
Question

Payroll Adjustments

  • February 24, 2023
  • 1 reply
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I have automatic payroll set, but I am having issues with running my P&L at month end.

1. It shows wages at $12k = $3k a month for 4 months which is gross salary to the employee

2. It shows salaries and taxes for $12,966 = $2,593.20 a month for 5 months which is net salary to the employee

It looks like it is double counting, how do you fix this issue?

1 reply

R
RCV
February 24, 2023

Allow me to elaborate or clarify things so you can get back to working order, person13.

 

If your payroll is linked to your bank checking account, payroll transactions from the banking page may be added instead of matching. To resolve this, I recommend removing those payroll transactions from the Reviewed tab. Then, find a match so that you can find matches to your payroll transactions when running the Profit and Loss report to avoid duplicate entries. Here's how to reverse it:

 

  1. Click Banking at the left panel. Then the Banking section.
  2. Go to the Reviewed tab and find the payroll transactions.
  3.  Put a checkmark on payroll transactions and click the Undo link located in the right corner.

 

After that, you can now go to the For Review tab. Then select each payroll transaction and choose to Find Match. Please follow these steps:

 

  1. From For Review tab, select the payroll transaction.
  2. Click it to see the full details and click the Find Match button.
  3. In the Match transactions window, choose the specific date to show all transactions that match with the payroll transactions.
  4. Hit the Save button.

 

You can refer to this article for more information about reviewing your downloaded bank transactions: Match and categorize bank transactions in QuickBooks Online. This helps you to avoid duplicate entries in your QuickBooks account. Once done, run the report again. Let me guide you on how:

 

  1. Go to Business overview and select Reports (Take me there).
  2. Open the Profit and Loss report.
  3. Select Customize.
  4. On the Customize report window, set Accounting Method to how you want the income/expense report.
  5. Press Run report.

 

I've added some resources to assist you in the future. These articles provide information on customizing financial reports as well as steps to take when income is missing from the Profit and Loss Report.

 

 

You can always get back to me if you have any other concerns about QuickBooks. All you have to do is leave a comment below and mention my name. I’m here ready to answer them for you. Have a good one.

P
person13Author
February 25, 2023

The payroll amount is $3k.  I can't find the $3k in my bank statements, just amounts broken up by taxes and salary and wages.  The problem I am having is that the $3k is showing up on P&L which is causing payroll to be higher than it actually should be.  I can't find any way remove and/or reconcile the $3k out so it doesn't show up on my P&L.

 

P&L

 

This is the $3k on the payroll screen.  You can see the $3k with the net amounts.

Payroll

 

Rubielyn_J
Rubielyn_J
February 25, 2023

I appreciate you for getting back to this thread, @person13. Allow me to clarify things about the payroll expenses calculation in the Profit and Loss report.

  

When processing a paycheck, the system credits the bank account, and debits the payroll expense account. Based on your screenshot, the report shows two wages (Salaries & wages, Wages), resulting to doubled expenses. To fix this, I recommend reviewing the details of each item. Then, make the necessary changes. 

 

You can view the details directly from the report. Just click the amount to expand and view the paychecks.

 

Here's how:

 

  1. Open the Profit and Loss report.
  2. Double click the amount under Payroll expenses to open the transaction. 
  3. Review its details and make the necessary changes.

 

I also suggest consulting an accountant to ensure that your recordings are accurate.

 

Also, we have several payroll reports you can utilize to review useful information about your business and employees. I've attached an article you can check to view the complete list in QuickBooks: Run payroll reports in QuickBooks Online Payroll.

 

Feel free to let me know if you have further questions with your payroll reports in QuickBooks. I'm always around to help. Keep safe!

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