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Experienced Member

Re: Thanks for your prompt reply, @khaleds, I don't think tha...

I am also posting payroll manually through the Bank Feed option using QB online.  I understand the posting of the payroll check as far as debiting Gross Wages and crediting the payroll liability accounts to equal the net check and then when I post the payment to the IRS through EFTPS it will zero those accounts out.  However, how do I create the Payroll expense account for the Employer match portion?  If I add a line to the bank transaction to debit the Payroll expense accounts of Social Security Match and Medicare Match, what account do I credit to balance the transaction?

QuickBooks Team

Re: Thanks for your prompt reply, @khaleds, I don't think tha...

Hi there, rftltidwell.

 

There's a default payroll expense account if you're using QuickBooks Online Payroll. If you're doing payroll outside of the program, you can create an expense account in your Chart of Accounts. Here's how:

 

  1. Go to Accounting, then Chart of Accounts.
  2. Click New.
  3. Select Expenses for Account Type, then choose the appropriate Detail Type.
  4. Type in the name of the account.

Also, this article will guide which accounts to use for the employer portion of  Social Security and Medicare when recording your journal entries: Record Payroll Transactions Manually.

 

Leave a reply below if you have other questions. 

Experienced Member

Re: Thanks for your prompt reply, @khaleds, I don't think tha...

The linked article is showing as deleted. Is there somewhere else I can see to determine where to place the employer paid portion of the taxes?

QuickBooks Team

Re: Thanks for your prompt reply, @khaleds, I don't think tha...

Great to see you here, @rb9876,

 

Thanks for joining the conversation. I want to make sure you're able to enter your employer paid taxes.

 

I've checked and verified that the link provided by my colleague is fully working. If you'd like to record payroll liabilities paid by your company, you can follow the steps below:

 

  1. In Quickbooks, click the Plus icon (+).
  2. Select Journal Entry.
  3. Update the the paycheck date and the entry no.
  4. Add the Debit and Credit accounts. Check this out:
    1. Debit expense account used to track gross wages. ($4,055.00)
    2. Debit expense account used to track Social Security. ($251.41)
    3. Debit expense account used to track Federal Unemployment. ($32.44)
    4. Debit expense account used to track Medicare. ($58.80)
    5. Debit expense account for State taxes. ($137.87)
    6. Debit expense account for Paychex Processing Fee. ($45.00)
    7. Credit bank used for processing payroll by the amount of processing fee. ($45.00)
    8. Credit Liability account used for tracking payroll liabilities. ($1398.98)
    9. Credit bank account used for processing payroll by net amount of the paychecks. ($3136.54)
      User-added image
  5. Once done, click Save.

However, if you have a different situation, I'd recommend checking this article for further instructions: https://quickbooks.intuit.com/community/Help-Articles/Record-payroll-transactions-manually/td-p/1856...

 

Please let me know how it goes, @rb9876. You got me here to help whenever you needed me. Have a great day!

Active Member

Re: Hi khaleds, According to this article, Recording payroll...

Today I paid for full payroll services and I need help to get payroll out tonight.

I had previously purchased payroll enhanced and now all of the employee information isn't there. Can I merge them or can you take over and do it?

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QuickBooks Team

Re: Hi khaleds, According to this article, Recording payroll...

Hello Aefs1,

 

Thank you for posting here in the Community. I'm here to assist you with any questions you may have with your subscription in QuickBooks Online.

 

Right now, merging two different QuickBooks Online subscriptions are unavailable. You may need to record the year-to-date payroll data into the account you're currently using in the system.

 

For more insights on adding prior payroll, I'm adding the article I recommend on this:

 

Set up a prior payroll.

 

Please know you can also move your lists from another QuickBooks Online using CSV or Excel file format. In case you need the steps, I'm also adding the link down below:

 

Move your lists to QuickBooks Online.

 

As always, the Community is here if you have any additional questions related to your subscriptions. Wishing you a safe and wonderful weekend.