M1 of the new system. I see Payroll now enters all the journals and creates a balance for nett wages in a new account simply called 'Payment' and the pension contributions in various new pension accounts by the look of it.
How do I actually record payment of the nett wages and the pension payment to the current account?
I was kind of hoping this would be automated some how?
Welcome to the Community, @SteveYPF. I'm here to ensure you're able to record the net wages and pension payments in QuickBooks Online Advanced Payroll (QBOAP). Also, I'll share the details about automating the pay runs and pension reporting through the program.
First, let's create an expense to record the payment of the net wages and the pension contribution to the current account. Please take note of the appropriate accounts to use before performing the steps below.
Go to the + New button from the left menu.
You can leave the Payee field blank since this transaction covers multiple petty cash expenses.
Choose the Payment account.
Enter the Payment date and select the Payment method.
In the first line of Category details section, select the current account for pension payment.
Choose the appropriate account for the payment of the net wages.
Enter their amounts.
The sample screenshot below shows you the last seven steps.
Second, the automation of pay runs and pension reporting is possible in QBOAP. Let's go to Payroll Settings from the Employees menu to configure automated pay runs.
Then, select the applicable pay schedule to view its settings. From there, click here in the Pay Run Automation section. Note that there may be a time delay as to when the pay run is finaliseddue to its volume and size. Repeat the process for your other pay schedules.
For the pension reporting, you can use the inbuilt PensionSync integration. This way, the pension contribution amounts will automatically be sent to your provider. To learn more about this process, visit this article: Pension Scheme Setup.
As always, I recommend visiting this resource hub: QBOAP. It contains helpful links about managing your payroll settings, employees, processing pay runs, viewing payslips, and submitting reports.
I'm here anytime you have other concerns. Wishing you and your business continued success while using QuickBooks, @SteveYPF.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. Doing so helps us improve our services and allows us to tailor the marketing you see on our site. Select 'Accept all' to agree or 'Manage consents' to choose which cookies we use. You can change your mind at any time by clicking the 'Manage Cookies' link.
Choose your cookie preferences
Some cookies are needed to make our website work and can't be turned off. But we need your consent to use others that are not essential. You can make your choices below and update them at any time using the 'Manage Cookies' link. To find out more, visit our Cookies Policy.
These cookies are necessary for the site to function. They also help us keep your data safe.
These cookies allow us to enhance your experience and remember your preferences, region or country, language, and accessibility options.
These cookies tell us how customers use our website. We study and organize this data to help us optimise our content and provide you with personalised experiences.
These cookies help us provide you with relevant communications and ads in our products and on other sites.