DEAR ADVISORS,
HOW CAN I CODING THE CPF IN QBO?
I ENTRIED THE SALARY AND NEGATIVE CPF+CDAC AMT(EMPLOYEES PORTION) AS PAYROLL EXPENSES SO NET AMOUNT IS RIGHT. AND CODING THE CPF(EMPLOYER, EMPLOYESS,CDAC & SDL) AS CURRENT LIABILITIES. THE BANK BALANCE IS CORRECT BTW I CAN SEE THE CURRENT LIABILITIES FOR CPF AS SHOWING NEGATIVE AMOUNT ON THE BALANCE SHEET AND P/L. IS IT CORRECT? COUDL YOU HELP ME? HERE IS A SMALL COMPANY AND NO ACCOUNTANT. THANK IN ADVANCE!
Hi there, @PARKSG.
Yes, you're right about choosing a liability account for CPF coding. Therefore, the transaction should post to your financial reports accordingly.
With regards to the posting of your entries, it is recommended to consult with an accountant for this. They are the ones who can give you deeper insights about the debits and credits and can interpret your books accordingly. If you don't have one, you can get a free consultation through this link: Find an accountant or bookkeeper.
Aside from your payroll transactions, you can also review the topics from this link for more tips about handling your other QuickBooks' transactions: Help articles, video tutorials, and more.
If you have any other questions about salary and CPF coding, let me know by adding a comment below. I'm more than happy to help. Keep safe!
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