We have a construction business and each one of our Accounts in the Balance Sheet in Other Current Assets are individual projects that we track expenses for. Part of the expense of building the home is the labor associated with that property but with the payroll being reported to the P&L under Payroll Expenses we cannot see an accurate project cost. Is there a way to have the payroll report to whichever OTA we choose instead of on the P&L?
Hi, @CLDB. I'll show you how to manage your payroll accounting settings in QuickBooks Online Payroll.
You can edit or add a new account if you want to use a different account for a certain payroll item.
1. Go to Settings, then Chart of Account.
2. To make a new one, select New. Alternatively, you can search for the account you wish to change and then . choose Edit from the View register or Run report dropdown
3. From the Account Type dropdown, choose Expenses or Other Current Liabilities.
4.Depending on the account type you selected, choose a Detail type.
5. Add or rename the account name in the Name field and enter Description.
6. Hit Save and Close once done.
I also recommend consulting this with your accountant. This way, they can advise on what proper payroll account to use.
You can use this article if you want to change the accounting preference in QuickBooks Online Payroll.
In addition, visit this page on how to create reports of your payroll totals, employees, and contributions.
Drop your message here if have more payroll concerns in QuickBooks. I'd be delighted to assist you. Enjoy your weekend.
Thank you for the reply, that makes sense except that will bring the Payroll onto my Balance Sheet but how do I then get those deposits that are already done into a specific Other Current Liability? For example if I want all the payroll from employee "A" to go towards the Other Current Liability "123 West 3rd St" is that possible and if it is how am I able to do so for future pay periods when those charges are in the Bank Register? Thanks
Hello there, @CLDB.
You can run and export the Transaction Detail by Account to Excel so you can separate the Memo and Description from there. However, you'll have to enter each memo and description of the transactions manually.
Here's how to export the report:
Also, in case you might want to memorize reports, you can read this article for your future reference: Memorize Reports.
Let us know if you need anything else. I'll always be right here to help.
Hello, Thank you for your reply but I think there is a misunderstanding on what I am after. I have an example below for better understanding...when I am matching transactions in the bank register it allows me to choose what category I want the charge to reflect into. The majority of our transactions are placed into Other Current Assets that are for each property that we are building so that we can get a total of all the costs to build that property. These costs should include the labor associated with Payroll that was used. By following the previous instructions I was able to change the Payroll to a OTA on the balance sheet but is it possible to reclassify those expenses to a specific property on the balance sheet?
Thanks for reaching out and sharing more details, @CLDB.
I understand how you want to get the total of all costs to build that property that should include the labor used to that Payroll. At this time, I'd recommend consulting your accountant for professional advice. They can help find a way to reclassify those expenses to a specific property on the balance sheet. In case you don’t have an accountant, we can help find a ProAdvisor near you.
This way, we can generate this report in QuickBooks Online Payroll.
Additionally, I'm adding these articles for more ways to organize your transactions to see which properties are thriving and which is not by pulling up reports:
Feel free to mention me if you have other concerns that you need help with reports. I'll get back to help. Stay safe and well!