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Cheryl55
Level 1
We do payroll in QuickBooks so there is a record every week in payroll expenses. My question is when I'm entering expenses using the bank statements, the payroll checks are listed just like any other expense, am I suppose to enter those payroll checks as an expense or are they already in the records as an expense?
3 Comments
JessT
QuickBooks Team

Hi Cheryl,
 

The payroll amount on your bank feeds is not just categorized an expense. It's split into multiple Liability and Expense accounts. Thus, I'd suggest recording your payroll transactions through the Payroll function in QuickBooks first. Then, you can match them with the transaction in the Bank Feeds Center.

 

On the other hand, the Bank Feeds Center suggests an account for every downloaded transaction. In this case, an expense account for your payroll. However, we still need to categorize them correctly, so they post to the correct registers.

 

We're just around if you need more help.

rftltidwell
Level 1
Charies_M
Moderator

Hello there, rftltidwell.

 

Thanks for joining this thread. Let me guide you in entering individual paycheck through the Bank Feeds in QuickBooks Desktop.

 

You can manually Add More Details of your paycheck information to your Bank Feeds Center.

 

Use the Salaries and Wages account for the positive amount Gross Pay. For your taxes (Social Security, Medicare, Federal Withholding), you can refer to the  following suggestion outlined  below: 

 

  • Social Security Employee - use Social Security Payable  (enter a negative amount).
  • Medicare Employee - Medicare Tax Payable (enter a negative amount).
  • Federal Withholding - Federal Withholding Tax Payable (enter a negative amount).
  • Social Security Employer - Social Security Tax Expense (enter a positive amount) and Social Security Payable (enter a negative amount).
  • Medicare Employer - Medicare Tax Payable Expense (enter a positive amount) and Medicare Tax Payable (enter a negative amount).

Make sure your Total Expenses matches the Net Pay.

 

Below are the steps on how to do it:

  1. Go to Banking.
  2. Click Bank Feeds.
  3. Choose Bank Feeds Center.
  4. Select a Bank Account.
  5. Click Transaction List.
  6. Choose the transaction and under Action column, choose Add More Details.
  7. Fill in the necessary information.
  8. Click Add to QuickBooks.

 

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To be more familiar with Bank Feeds in QuickBooks Desktop, you can check out this article: Get started with Bank Feeds for QuickBooks Desktop.

 

That's it. If I can be of help with something else or if you have additional bank feeds questions, just let me know. I'd be happy to help you out.

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