New to payroll

v_wakonig · ‎January 04, 2022

I have recently set up Payroll with my upgraded Desktop 2021.

We etransfer employees their bi weekly pay. The bank groups the etransfers together.

When I download transactions from bank the amounts do not match due to the employees payroll being processed as 2 cheque payments?

Employee 1 cheque processed $964.85

Employee 2 cheque processed $322.99

Bank etransfer totals $1287.84 ( bank groups the transactions together)

Therefore I am unable to match the transactions.

How do I match to be able to reconcile my payroll accounts?

Thanks

Valerie

impossible · ‎January 06, 2022

This is what I do:

Create a 'Bank' type account called Payroll Clearing.

Use the Payroll Clearing account (not your active Bank Chequing account) to create paycheques.

Once the Payroll Cheque run is complete, use the Write Cheques function (your Bank Chequing Account) to clear out the lumpsum balance from the Payroll Clearing account.

View solution in original post

Trish_T · ‎January 06, 2022

Hi v_wakonig,

Welcome to Community! Your banking is a vital part of your business and it's essential that you're able to reconcile your accounts with confidence. QuickBooks Desktop provides you with a smooth process for matching your transactions in preparation. I'd be happy to point you in the right direction so you can complete your QuickBooks goals!

When you're matching transactions with your statement, there'll be times when items are batched together that you'll need to review. In this case, when you need to get more details of a specific transaction, you'll simply select it and then hit Go To or double click the item to see the full details. Here's a helpful article to have on hand for reconciling an account.

Please feel free to reach back out if you have any other questions, or contact us if you'd like additional assistance with the reconciliation process. We're glad to help!

impossible · ‎January 06, 2022

This is what I do:

Create a 'Bank' type account called Payroll Clearing.

Use the Payroll Clearing account (not your active Bank Chequing account) to create paycheques.

Once the Payroll Cheque run is complete, use the Write Cheques function (your Bank Chequing Account) to clear out the lumpsum balance from the Payroll Clearing account.

v_wakonig · ‎January 06, 2022

Thank you for the easy solution.

Topics

Training

Community

Resources

New to payroll

New to payroll

New to payroll

New to payroll

New to payroll

Need to get in touch?