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Lee0409
October 30, 2022
Question

Payroll

  • October 30, 2022
  • 1 reply
  • 0 views

Hi

I need some advice regarding quickbooks advanced Payroll. We have started running payroll ourselves this year through quickbooks payroll and not using a payroll provider. After running and submitting the payruns, quickbooks automatically records journal entries of the payroll. Prveiously we would match the payments sent out to wages expense but when we do this now it creates a double entry in the wages expense as it has already been recorded in the journals. Quickbooks help have told us that we should exclude all the payments sent out through payroll including HMRC payments as these have already been recorded? Although this has solved the issue of not adding to expense accounts twice, I am unsure if this is the correct accounting process confirming these payments as it seems strange that these payments are not confirmed in another way? 

1 reply

LieraMarie_A
LieraMarie_A
October 30, 2022

Hi there, @Lee0409.

 

When you use the bank feed in QuickBooks Online, you'll be able to add or match your transactions to ensure QuickBooks Online matches what's in your real-life bank account. I'll explain more about how it works.

 

To clarify, did you select Add instead of Match? Duplicates occur when you add downloaded transactions that you manually entered into the program. QuickBooks will create a new entry for you using the info from your bank. To avoid this, you have to match them.

 

 Here's how:

 

  1. Navigate to the Banking menu and select Banking.
  2. Select the tile for the account you use for payroll.
  3. Go to the For Review tab.
  4. Find the payment and click it to expand the details. If there's a similar record found, click the link(s) next to each to get more info. If the match is correct, click Match to accept it. If it’s not, select Find other matches button. Otherwise, if there's no match found, click the Find Match option.
  5. You can use filters/search to locate the payroll expense. Then, hit Save.

 

Once done, QuickBooks marks the transaction on your register as "C," which means cleared. When you next reconcile your bank account, they're already selected, speeding up the bank reconciliation process.

 

Keep me posted if you need further assistance with this process and find new discoveries along the way! I'd love to chat about it. 

V
vickilsloan
January 25, 2024

I have tried the match function and the system doesn't find any match so all my payroll entries are showing twice on the tax return function.

How do I correct this so my wages entry is correct without causing errors somewhere else?

 

E
emmam6
January 25, 2024

Hello Vickilsloan, thanks for reaching out to the Community. We'd like to take a look further into this. Are you adding the transaction when it does not find a match in banking? Are you amending the payroll journal? Thanks

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