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robertekral
Level 1

Member Equity

Is there a way to track payroll skipped by Members of the company during these unprecedented times? I would like to record it as a Member Equity transaction, if possible. Not sure how to do this since there wasn't a transaction between accounts that took place; overall payroll expenses were less than usual due to some Members skipping the payroll period.

1 Comment
MaryJoyD
QuickBooks Team

Member Equity

Hello, @robertekral

 

You can track these payments as journal entries. It will only track payment totals and doesn't create the data you'll need for your employee's W-2s.

 

You’ll have to create manual tracking accounts. It will be best to consult an accountant to get advised what account to use when setting it up. Check this article for more information: Add an account to your chart of accounts in QuickBooks Online. Also, 

 

Once done, you can now record these items as journal entries:

  1. Click the + New button and select Journal Entry.
  2. Under the Journal date, Set the paycheck date as the journal date. 
  3. Add all the necessary information.
  4. Click Save once you're done.

Here's for more information: Manually enter payroll paychecks in QuickBooks Online.

 

Let me know if there's anything that I can help or if you need further assistance. I'm always glad to help in any way I can. 

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