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A
aa232
December 14, 2023
Question

Payroll Essentials

  • December 14, 2023
  • 1 reply
  • 0 views

I have a trial version of payroll essentials which is due to expire in about a week. I d rather continue the subscription if I can manage to make it work somehow for me.

 

The issue I'm having is if a run payroll with standard settings then the amount is deducted from the balance from the quickbooks current account, this would be fine for the rest of my employees as when the are paid it would be picked up from the bank feed and matched.

 

But as the director of the company I want my wages to go into the directors loan account to offset the balance.

 

I am aware that I can change the default account to lets say the directors loan account in journal mapping, this would be fine if I was the only employee, but when i run payroll using this method it would post the wages of all my employees to the directors loan account.

 

Can someone help in resolving this issue or a work around.

 

Thanks

1 reply

A
Ashleigh1
December 14, 2023

Hello aa232, thanks for posting on the Community page, you can adjust the journal once it has been ran and post it to the director's loan account then the money will show on the director's loan account as a minus but it will then not match at the bank so you could exclude the payment or post it to the director's loan account. 

A
aa232Author
December 14, 2023

Hi thanks for the response, are you saying use the default payroll account, then post it to the directors loan account, how would i go about doing this, but then there will be still the issue with the business current account and the bank balance being out. please if you could clarify the steps to take.

 

R
Rasa-LilaM
December 14, 2023

Thank you for returning to the Community, aa232.

 

 It's of utmost importance to post payroll transactions to the correct account. This is to guarantee accurate record-keeping and facilitate the smooth processing of tax payments and form filing.

 

As previously stated by my colleague, you can make adjustments to the journal once it has been completed and then post it to the director's loan account. Allow me to assist you in making this process as smooth as possible.

 

Here's how:

 

  1. In your company, head to the Transactions menu on the left panel and choose Chart of accounts.
  2. Look for the journal entry for the payroll entry from the list and open it.
  3. On the Journal Entry page, deduct the amount from your business account and add another line item for the director's account.
  4. Enter the amount you've deducted from the business account in the director's account line item.
  5. Click Save to keep the changes.

 

By following these simple steps, you can ensure that your bank balance remains organized. To gain further insights into the specific components of your payroll journal entry, check out this article for the full details: Journal entries and paying liabilities in QuickBooks Online Standard Payroll.

 

In case you need to update your employees' information, adjust the company settings, and perform other payroll-related tasks, these resources include topics and answers on how to handle these activities:

 

 

Should you have any further concerns or questions about payroll or the transfer of your wages to the director's account, don't hesitate to reach out to me again. I'm always ready to lend a helping hand, aa232.

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