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June 27, 2022
Question

How can i set up a bank account on which my wages will go to, when I do the payroll it didn’t ask me to put any bank details, so ware will this money go

  • June 27, 2022
  • 1 reply
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1 reply

June 27, 2022

Hi there, makaradistributi.

 

Welcome to the QuickBooks Community. I'll be sharing information on how payroll accounts work in QuickBooks. Then, to ensure you can set up a bank account so your wages entries will post in the correct one.

 

QuickBooks Online automatically sets up a few of the same standard accounts like payroll expense in the chart of accounts and then gives you additional accounts automatically based on your business entity. This is to track payroll items (expenses) for the company, including salaries, wages, bonuses, commissions, and employer contributions. However, you have the option to manually add one if you want to have your own payroll account.

 

Once done, you can go to the Payroll settings section and set up your chart of accounts from there. You can customise the default settings to ensure wages entries will go to the correct expense account.

 

Here's how:

 

  1. Choose Payroll settings and select Chart Of Accounts.
  2. Click the Default Accounts drop-down menu and go to Wages Expenses Account drop-down list. Then, the right account.
  3. Edit the other necessary fields.
  4. Click Save.

 

After that, you can run payroll to start paying your employees. You can open each article below to see the details steps on how to perform the process. Then, follow the instructions based on the subscription you're using.

 

 

Lastly, you may refer to this article to see what are the difference between Standard and Advanced payroll and how they work in QuickBooks: QuickBooks Online Advanced Payroll hub.

 

Please let me know how it goes or if you have any other concerns about the wages account. I want to make sure everything is taken care of for you, makaradistributi. Take care!