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MrMiyagi
Level 1
posted
‎July 02, 2019 07:19 PM
last updated ‎July 02, 2019 2:19 AM

How to automate wage and tax paid?

If you receive a net salary of $1500 a week, and pay $500 tax, how do you automate the $2000 income? $2000 will go to salary account $1500 will go to bank account $500 will go to tax paid I'm just not sure how to set the above up. Thanks!
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7 Comments 7
Anonymous
Not applicable
‎July 02, 2019 08:35 PM

How to automate wage and tax paid?

Greetings, MrMiyagi.

 

If you want to record your payroll wages and taxes automatically, you might want to use a payroll software. In Australia, KeyPay is a cloud-based payroll solution that integrates well with QuickBooks. 


For additional information about this software, please refer to this article: https://keypay.com.au/intuitquickbooks


Aside from subscribing to a payroll software, you can also automate employee pay calculations through Journal Entry. You might want to consult your accountant about this process. 


We’re just a post away if you need further assistance. 
 

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MrMiyagi
Level 1
‎July 04, 2019 01:06 AM

How to automate wage and tax paid?

No, this is not for an employee - it's for myself. I want to record the following amounts: $2000 - wages received $1500 - paid to bank account $500 - paid to tax paid account
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KhimG
QuickBooks Team
QuickBooks Team
‎July 04, 2019 02:16 AM

How to automate wage and tax paid?

Thanks for providing clarifications, @MrMiyagi.


All money received is usually recorded as income. Since you’re paying yourself a salary, I recommend consulting an accountant to ensure the entry is correct.


Depending on how the business is set up, you need to know the best way to add this type of transaction. Here's a reference for creating one in QuickBooks Online: Record transactions using Create (+).


Keep me updated on how it goes. I want to make sure this gets taken care of. Have a good one!

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MrMiyagi
Level 1
‎July 04, 2019 07:38 PM

How to automate wage and tax paid?

Thanks! 

 

Im not paying myself a wage - I’m receiving a salary as an employee. 

 

I can do a journal entry that adds the tax paid to tax paid account, and the same amount to the income received account. The difference between the two is added to my bank account. 

 

Is there a way ti automate this journal entry, tied to receiving the salary?

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Catherine_B
QuickBooks Team
QuickBooks Team
‎July 04, 2019 08:27 PM

How to automate wage and tax paid?

Hello there, MrMiyagi. 

 

Instead of using a Journal entry, I suggest recording the transaction as Deposit. 

 

Under the Add funds to this deposit section, choose the income account, when entering the wage. In the second line item, select the preferred account where the taxes will be deposited to. 

 

Refer to this article for more information when creating a deposit. 

 

I'll be here if you need more help!

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MrMiyagi
Level 1
‎July 06, 2019 11:13 AM

How to automate wage and tax paid?

THANKS! That worked. Now how do I automate this process, it won't let me enter negative amounts when setting up a rule?
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Rasa-LilaM
QuickBooks Team
QuickBooks Team
‎July 06, 2019 01:52 PM

How to automate wage and tax paid?

Thanks for your response, MrMiyagi.


You’re correct, QuickBooks will not allow you to enter a negative amount when setting up a rule. However, the Recurring Transactions feature can help automatically record the entries.


You’ll have to create a template first to input the deposit. Here’s how:

 

  1. Log in first to your company, then go to the Gear icon and choose the Recurring Transactions option.
    recr.png
  2. Choose the New menu.
    recr1.png
  3.  In the Select Transaction Type pop-up, pick Deposit and click on OK.
    recr2.png
  4. Enter the template’s name in the field box.
  5. Choose a Type — Scheduled, Unscheduled or Reminder.
  6. For a Scheduled or Reminder type, select the correct Interval and the start and end date of the recurring transaction.
  7. Type in the entries in the field boxes.
  8. Click on Save Template.
    recr3.png

Depending on the Type selected, QuickBooks will automatically record the deposit and post it to the correct bank account . For additional information, check out the following articles:

 


If there’s anything else I can help you with, leave me a comment below. I’ll be right here to assist further. Have a great rest of your day.

 

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