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websoftpr
May 5, 2021
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Single entry payroll expense

  • May 5, 2021
  • 1 reply
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Hello, I need to recognize the payroll expense as a single entry, lets say $500 weekly (we don't use QB payroll). The tax deductions are entered as a total expense as taxes, not in a particular employee. So I enter the employee name as a "vendor" and categorized as Payroll Expense Account. Not sure why, maybe it's due to rules, some transactions are being entered as deposit and other as expense, so the result is a wrong P&L.

 

How should I enter these?, see print screen for better understanding.

 

Thanks,

Best answer by MaryLandT

I can guide you through how to record those payroll expenses in QuickBooks Online (QBO), websoftpr.

 

You need to create a journal entry when entering payroll expenses you've processed outside of QBO. You'll want to start over by deleting those deposits and expenses.

 

To ensure that those transactions are categorized correctly, you need to create these accounts on your Chart of Accounts:

 

Expense accounts:

  • Payroll Expenses: Wages
  • Payroll Expenses: Taxes

Liability accounts:

 

  • Payroll Liabilities: Federal Taxes (941/944)
  • Payroll Liabilities: Federal Unemployment (940)
  • Payroll Liabilities: [State] SUI/ETT
  • Payroll Liabilities: [State] PIT/SDI
     

Please check out this article to learn what accounts to debit and credit: Manually enter payroll paychecks in QuickBooks Online. It provides instructions and detailed steps.

 

Once all transactions are recorded in QuickBooks, you can start reconciling your bank accounts.

 

Let me know if there are other things you need with recording payroll expenses. I'm always right here to guide you through the process.

1 reply

MaryLandT
MaryLandTAnswer
May 5, 2021

I can guide you through how to record those payroll expenses in QuickBooks Online (QBO), websoftpr.

 

You need to create a journal entry when entering payroll expenses you've processed outside of QBO. You'll want to start over by deleting those deposits and expenses.

 

To ensure that those transactions are categorized correctly, you need to create these accounts on your Chart of Accounts:

 

Expense accounts:

  • Payroll Expenses: Wages
  • Payroll Expenses: Taxes

Liability accounts:

 

  • Payroll Liabilities: Federal Taxes (941/944)
  • Payroll Liabilities: Federal Unemployment (940)
  • Payroll Liabilities: [State] SUI/ETT
  • Payroll Liabilities: [State] PIT/SDI
     

Please check out this article to learn what accounts to debit and credit: Manually enter payroll paychecks in QuickBooks Online. It provides instructions and detailed steps.

 

Once all transactions are recorded in QuickBooks, you can start reconciling your bank accounts.

 

Let me know if there are other things you need with recording payroll expenses. I'm always right here to guide you through the process.

W
websoftprAuthor
May 6, 2021

Thanks Mary!

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