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PARKSG
Level 2
posted
‎July 26, 2021 10:59 PM
last updated ‎July 26, 2021 10:59 PM

SALARY & CPF CODING IN QBO

DEAR ADVISORS,

HOW CAN I CODING THE CPF IN QBO? 

 

I ENTRIED THE SALARY AND NEGATIVE CPF+CDAC AMT(EMPLOYEES PORTION) AS PAYROLL EXPENSES SO NET AMOUNT IS RIGHT. AND CODING THE CPF(EMPLOYER, EMPLOYESS,CDAC & SDL) AS CURRENT LIABILITIES. THE BANK BALANCE IS CORRECT BTW I CAN SEE THE CURRENT LIABILITIES FOR CPF AS SHOWING NEGATIVE AMOUNT ON THE BALANCE SHEET AND P/L. IS IT CORRECT? COUDL YOU HELP ME? HERE IS A SMALL COMPANY AND NO ACCOUNTANT. THANK IN ADVANCE!

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Best answer July 27, 2021
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Best Answers
Angelyn_T
Moderator
Moderator
‎July 27, 2021 12:28 AM

SALARY & CPF CODING IN QBO

Hi there, @PARKSG.

 

Yes, you're right about choosing a liability account for CPF coding. Therefore, the transaction should post to your financial reports accordingly.

 

With regards to the posting of your entries, it is recommended to consult with an accountant for this. They are the ones who can give you deeper insights about the debits and credits and can interpret your books accordingly. If you don't have one, you can get a free consultation through this link: Find an accountant or bookkeeper.

 

Aside from your payroll transactions, you can also review the topics from this link for more tips about handling your other QuickBooks' transactions: Help articles, video tutorials, and more.

 

If you have any other questions about salary and CPF coding, let me know by adding a comment below. I'm more than happy to help. Keep safe!

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3 Comments 3
Angelyn_T
Moderator
Moderator
‎July 27, 2021 12:28 AM

SALARY & CPF CODING IN QBO

Hi there, @PARKSG.

 

Yes, you're right about choosing a liability account for CPF coding. Therefore, the transaction should post to your financial reports accordingly.

 

With regards to the posting of your entries, it is recommended to consult with an accountant for this. They are the ones who can give you deeper insights about the debits and credits and can interpret your books accordingly. If you don't have one, you can get a free consultation through this link: Find an accountant or bookkeeper.

 

Aside from your payroll transactions, you can also review the topics from this link for more tips about handling your other QuickBooks' transactions: Help articles, video tutorials, and more.

 

If you have any other questions about salary and CPF coding, let me know by adding a comment below. I'm more than happy to help. Keep safe!

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PARKSG
Level 2
‎August 02, 2021 08:57 PM

SALARY & CPF CODING IN QBO

@Angelyn_T Thank you so much for the advice!! Take care well!

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Angelyn_T
Moderator
Moderator
‎August 02, 2021 09:17 PM

SALARY & CPF CODING IN QBO

You're always welcome, @PARKSG.

 

Please know that our doors are always open here in the Community. For any other QuickBooks concerns, please feel free to post again or leave a comment below. We're always here to help.

 

Take care and cheers for more success! 😊

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