Skip to main content
N
nmbibbs
April 2, 2023
Solved

Payroll Check being double counted in Profit/Loss Report

  • April 2, 2023
  • 1 reply
  • 0 views

Hello,

 

I am noticing that a payroll check is being counted twice in my profit/loss report.  What is the appropriate way to track these?  The first instance I see is a PayrollCheck entry under "PayrollExpenses:wages" account ( I believe this was auto generated). It maps to an employee check that was paid via direct deposit.  The memo states "Gross pay: this is not a legal pay stub".  And the other entry is the itemized deduction (i.e. actual withdrawals made from bank accounts broken up into pay, benefits, and taxes).  It seems like a simple solution would be to delete the "paycheck" entry but I don't want to lose history of this paystub.  Any suggestions on best practices?  Thanks!

    Best answer by ChristineJoieR

    Let me show you the right path, @nmbibbs. I'll guide you through the payroll setting, and let's check if these transactions appear from there in QuickBooks Online Payroll.

     

    Before we begin, did you use a different account for your payroll transactions? This way, I can determine what's going on and be able to provide an accurate solution. You can also double-check the bank account of the posted transaction.

     

    Moving forward, let's go ahead to the payroll settings to conduct a search process. 

     

    Follow the steps below:

     

    1. Go to the Payroll Settings.
    2. Next, navigate to the Accounting tab, then click the Edit button.
    3. Once done, see the specific transaction you're looking for.

     

    If you find out that the transaction is posted to other bank accounts in QuickBooks, you can move the transaction to the correct posting account by creating a journal entry. 

     

    If you need to change your payroll bank account, see this article for the detailed instruction: Change your payroll bank account.

     

    Don't hesitate to tag me if you need more assistance with your payroll transactions. I'm always willing to help you because it's one of my priorities.

    1 reply

    D
    DebSheenD
    April 2, 2023

    Welcome to the Community, @nmbibbs. I'll be glad to help you out in fixing the transactions.

     

    If transactions are added to the same payroll account on the Banking page, it can cause some duplicate figures on your account balance.

     

    What we can do is undo the payroll transactions from the banking section. Then, decide whether to match them to the existing transactions created in QuickBooks or exclude them. 

     

    To undo, here's how:

     

    1. Go to Banking or Transactions on the left panel.
    2. From the Banking tab, click the Categorized or Reviewed tab.
    3. Find and put a checkmark on the payroll transactions you want to remove.
    4. Click the Undo button. The transaction will be added back to the For Review tab.

    Please see this sample screenshot:

     

     

    For matching the transactions, go to the For review section. Then, click the transaction to review the details. Here's a sample screenshot of what a transaction looks like when there's a match:

     

     

    Otherwise, select the Find match radio button and find the payroll transaction created in QuickBooks.

     

    If you decide to exclude or delete, you can follow these steps:

     

    1. In the For review tab, select the transactions you want to remove.
    2. Click the Exclude.
    3. Go to the Excluded tab and you will able to delete the transactions.
       

    Once done, let's check the payroll accounts to see if it shows the payroll expenses that were posted twice.

     

    I'm adding these articles for more information: 

     


    You can also visit our articles here or tutorials page to see more details about the other features in your QuickBooks Online account.

     

    If there's anything else I can help you with, just let me know. Have a wonderful day!

    N
    nmbibbsAuthor
    April 2, 2023

    Hello DebSheenD,

     

    Thanks for the response.  So the only issue is there isn't an entry for the "payroll:wages" entry in any of the account in "Chart of Accounts". So I am unable to "match" the unreviewed bank transaction to anything.  I only see the payroll entry under the following steps:

    Payroll -> Employees -> [EmployeeA] -> PayCheck list

    Is there a way to "ignore" the entry?  Thanks


      C
      ChristineJoieRAnswer
      April 2, 2023

      Let me show you the right path, @nmbibbs. I'll guide you through the payroll setting, and let's check if these transactions appear from there in QuickBooks Online Payroll.

       

      Before we begin, did you use a different account for your payroll transactions? This way, I can determine what's going on and be able to provide an accurate solution. You can also double-check the bank account of the posted transaction.

       

      Moving forward, let's go ahead to the payroll settings to conduct a search process. 

       

      Follow the steps below:

       

      1. Go to the Payroll Settings.
      2. Next, navigate to the Accounting tab, then click the Edit button.
      3. Once done, see the specific transaction you're looking for.

       

      If you find out that the transaction is posted to other bank accounts in QuickBooks, you can move the transaction to the correct posting account by creating a journal entry. 

       

      If you need to change your payroll bank account, see this article for the detailed instruction: Change your payroll bank account.

       

      Don't hesitate to tag me if you need more assistance with your payroll transactions. I'm always willing to help you because it's one of my priorities.

        Terms & ConditionsAccessibility statement