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January 29, 2024
Question

Update payroll records from manual payroll checks issued

  • January 29, 2024
  • 1 reply
  • 0 views

For the purpose of issuing our Jan 15th paychecks on time, I prepared manual paychecks. (I needed time to be sure my payroll list was accurate and updated for 2024.)

We have a handful of employees so preparing  manual checks and pay stubs were not an issue.  I charged each net paycheck to accrued payroll until I could finalize and update the payroll information with a journal entry.

If I were to use Edit to Payroll Checks to record each employee's manual check and include all of their payroll items (so their W-2 would be accurate at the end of the year), would it tally up to what the journal entry totals should be (other than the net pay, which I charged to the accrued payroll instead of the Bank account)?

Thank you in advance. 🙂

 

1 reply

BigRedConsulting
January 29, 2024

If you're using the built in payroll feature and want to use payroll report and tax forms, then you should never use a Journal for anything payroll.  Instead, always use paychecks, payroll liability adjustments, and payroll tax payment transactions, which will be included on your payroll reports and tax forms.

LilBugaAuthor
January 30, 2024

Thank you for your reply.  I prepared the payroll as should, ran my reports and corrected my bank account. I'm good to go for the Jan 31st payroll.