Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
May 22, 2020
Question

How can I change the account from which Payroll was dispursed from?

  • May 22, 2020
  • 1 reply
  • 0 views
My company received a PPP loan and we need to track the dispursement of the loan. I created a subaccount to track these transactions. Unfortunately when payroll was run, this subaccount was not selected and so the funds were taken from the main account. How can I transfer the Payroll dispursements to the Loan subaccount?

1 reply

AlcaeusF
Level 14
May 22, 2020

Welcome to the Community, @wynne.teeter.

 

I can show you how to make changes to the payroll account in QuickBooks Online. Let's visit the Payroll Settings section and configure where the funds are dispursed.

 

Please note that it'll only update the payroll you create moving forward. Here's how:

 

  1. Click the Gear icon at the upper right corner and select Payroll Settings.
  2. Go to the Preferences tab and click Accounting Preferences.
  3. Change the bank account used.
  4. Hit OK.

For the payroll transactions that were already posted to the wrong or old checking account, you can create a journal entry to correct it. However, I suggest seeking expert guidance from an accountant to ensure your books are accurate.

 

For additional reference, I've attached some articles you can use to learn more about managing the accounting preferences and other payroll accounts:

 

Please know that I'm just a post away if you have any other questions. Have a great day ahead.