Thank you for returning to the Community, aa232.
It's of utmost importance to post payroll transactions to the correct account. This is to guarantee accurate record-keeping and facilitate the smooth processing of tax payments and form filing.
As previously stated by my colleague, you can make adjustments to the journal once it has been completed and then post it to the director's loan account. Allow me to assist you in making this process as smooth as possible.
Here's how:
- In your company, head to the Transactions menu on the left panel and choose Chart of accounts.
- Look for the journal entry for the payroll entry from the list and open it.
- On the Journal Entry page, deduct the amount from your business account and add another line item for the director's account.
- Enter the amount you've deducted from the business account in the director's account line item.
- Click Save to keep the changes.
By following these simple steps, you can ensure that your bank balance remains organized. To gain further insights into the specific components of your payroll journal entry, check out this article for the full details: Journal entries and paying liabilities in QuickBooks Online Standard Payroll.
In case you need to update your employees' information, adjust the company settings, and perform other payroll-related tasks, these resources include topics and answers on how to handle these activities:
Should you have any further concerns or questions about payroll or the transfer of your wages to the director's account, don't hesitate to reach out to me again. I'm always ready to lend a helping hand, aa232.
