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January 14, 2021
Question

When payroll in taken out bank Friday, where show up in quickbooks? liabilities? payroll is already under salary in P

  • January 14, 2021
  • 1 reply
  • 2 views
So since may, under salary, the weekly payroll is showing 2x. gross pay then an expense later week when bank deposits. Where recode the salary bank deposits too? payroll libabilities, my salary account is double and it should not be,

1 reply

QuickBooks Team
January 14, 2021

Hello there, @toureg07.

 

Let me share some information about payroll transactions in QuickBooks Online (QBO).

 

The payroll transactions will depend on how you set up the payroll settings. If you're using the bank and the payroll liability accounts instead of payroll expenses, we'll have to correct this.

 

When updating the accounting preference, the changes will only affect future transactions.

 

Here's how:

  1. Go to the Gear icon.
  2. Under Your Company, click Payroll settings.
  3. Once you are there, you can see which Expense and Liability accounts are affected when you create a paycheck, make a tax payment, or create a deduction. This is a great starting point for drilling down which Payroll Expenses or Payroll Liabilities will reflect on your Profit & Loss or Balance Sheet reports.
  4. Select Accounting Preferences.
  5. Choose your desired account name from your Chart of Accounts drop-down arrow.
  6. Select OK after choosing all your desired accounts.
  7. You will receive a confirmation screen that your accounting preferences have been updated.

Also, I encourage checking our Help articles page to learn some tips and tricks in managing your QBO account. From there, you can read great articles that can guide you through the steps by steps process.

 

Don't hold your back to drop a comment below if you have other questions. I'm always happy to help. Take care!