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parksbarbie
Level 2

payroll

My company uses Paychex for payroll. How do I enter this:

for January 2021 Payroll--

Net pay taken out of bank account 12/31/20 $10,000

Taxes and fees taken out of bank acct 1/4/21

 

thanks.

Solved
Best answer January 11, 2021

Best Answers
JenoP
QuickBooks Team

payroll

Banking transactions can still be matched even if they have different dates, parksbarbie.

 

You can manually change the From and To dates when looking for a match. Just make sure they have the same amount so they can be paired together. Here's how:

 

  1. Go back to the For review tab.
  2. Look for the transaction that you want to match and click Find Match.
  3. Change the From and To dates to 1/04/2021.
  4. Look for the journal entry and check the box before it.
  5. Click Save.

Let me also share this article about finding a match for more details: Categorize And Match Online Bank Transactions In QuickBooks Online.

 

Don't hesitate to get back to this thread if you have follow-up questions. I'll jump right back to help you again. 

 

find match.PNG from and to.PNG

View solution in original post

13 Comments
MaryJoyD
QuickBooks Team

payroll

I can help you enter these payroll transactions to your account, @parksbarbie.

 

You can create journal entries to track those paychecks you've created outside QuickBooks Online (QBO). First, you'll just have to create manual tracking accounts for your payroll liabilities and expenses.

 

You must have or create accounts for Payroll Expenses (Wages and Taxes) and Liability accounts (Federal Taxes, Federal Unemployment, and State Taxes). 

 

To create these new accounts:

  1. Go to Gear icon () and select Chart of Accounts.
  2. Click New to create a new account.
  3. Provide the Account Type, Detail Type and account name.
  4. Choose Save and Close once you're done. 

To create the journal entry:

  1. Go to the + New button and select Journal Entry.
  2. On the Journal date, enter the paycheck date.
  3. Enter the payroll expenses under debit 
  4. Add your payroll liabilities under credit. 
  5. Choose the bank account where you're paying your employees from and put these amounts to the credits column.
  6. Click on Save once you're done. 

You may also consult an accountant for guidance with the best category to use.

 

Check these articles for more information:

Let me know if there's anything that I can help in tracking these payroll transactions. Take care and have a wonderful day!

parksbarbie
Level 2

payroll

How do I account for the money taken out on 12/31 if the journal entry is dated 1/4/21? I do not think it will match in the QBO banking feed.

parksbarbie
Level 2

payroll

Please anwer my question?

JenoP
QuickBooks Team

payroll

Banking transactions can still be matched even if they have different dates, parksbarbie.

 

You can manually change the From and To dates when looking for a match. Just make sure they have the same amount so they can be paired together. Here's how:

 

  1. Go back to the For review tab.
  2. Look for the transaction that you want to match and click Find Match.
  3. Change the From and To dates to 1/04/2021.
  4. Look for the journal entry and check the box before it.
  5. Click Save.

Let me also share this article about finding a match for more details: Categorize And Match Online Bank Transactions In QuickBooks Online.

 

Don't hesitate to get back to this thread if you have follow-up questions. I'll jump right back to help you again. 

 

find match.PNG from and to.PNG

View solution in original post

parksbarbie
Level 2

payroll

Thank you!!!!

parksbarbie
Level 2

payroll

One final problem. When I reconsile the bank account the money that came out on 12/31 is not on the list to reconsile since the GJE is dated 1/4/21. How do I reconsile??

KlentB
QuickBooks Team

payroll

I can help you with that, parksbarbie.

 

Since these transactions have different withdrawal dates, you'll have to delete the original journal entry then create separate entries for the fees/taxes and net pay. This way, you'll be able to reconcile them. Here's how:

 

  1. Select Accounting from the sidebar menu.
  2. Go to the Chart of accounts.
  3. Find the account you created the journal entry for, click View register.
  4. Locate and select the journal entry in the account register.
  5. Click the Delete button.
  6. Select Yes to confirm the changes.

Once done, follow the steps provided by my colleague, MaryJoyD in recreating the journal entries. After that process, it's time to match them to your downloaded bank transactions. Then, reconcile your accounts so they always match your bank and credit card statements.

 

Additionally, I've included some articles that will help you resolve common reconciliation errors and issues in QuickBooks Online:

 

Fix issues for accounts you've reconciled in the past

Fix issues at the end of a reconciliation

 

If I can be of any additional assistance, please don't hesitate to drop a comment below. The Community always has your back.

parksbarbie
Level 2

payroll

So to be clear I do NOT do what the first person suggested but I now need to make 2 journal entries...one for the money taken out 12/31 and one for the money taken out 1/4/21. Is this correct?

This payroll is for January 2021 so shouldn't it be in January transactions? I don't know how to handle this. Please give me instructions. Thanks.

MaryLurleenM
Moderator

payroll

You're right, parksbarbie.

 

You'll need to create two journal entries. Since these transactions have different withdrawal dates.

 

Check out these articles for managing journal entries in QuickBooks Online:

Don't hesitate to leave a reply if you need more help.

parksbarbie
Level 2

payroll

Is there a way to show the withdrawal for net payroll on 12/31/20 on 2021 reports? This is for January 2021 payroll. Thanks.

Rasa-LilaM
QuickBooks Team

payroll

Welcome back to the Community, parksbarbie.


Thanks for adding more details about your concern. This can help me provide a timely solution to fix the issue.


The date affects how transactions are reflected in the report. For your net payroll (12/31/2020) to show on the 2021 reports, you’ll have to set the date range to All or Custom. Let’s try to run the Profit and Loss Report as an example.


Here’s how:

 

  1. Go to the Reports menu on the left panel and type Profit and Loss in the search field.
  2. Click the Report period drop-down and pick All.
  3. If you opt to select Custom, fill in the correct information in the field boxes.
  4. Press the Run Report button to see the changes.
  5. Scroll down to the Expenses section to check the entry.
  6. Double click on the amount to view the complete details.man py.png man py.1.png

The following article provides an overview of managing reports and refining the information: Customize reports in QuickBooks Online.


Keep in touch if you have any clarifications or other concerns. I’ll be around to answer them for you. Have a great rest of the day.

need to chat with someone
Level 2

payroll

Payroll help

JasroV
QuickBooks Team

payroll

Good day to you, @Need to chat with someone.

 

I’m more than happy to help you with your payroll concern. Can you share with me what specific payroll issue you need help with? This way, I’ll be able to provide you with the right resolution for it. Any additional information is appreciated.

 

Nevertheless, if you’re referring to running your payroll in QuickBooks Online (QBO), you may follow these easy steps: 

 

  1. Go to the Payroll menu, then select Run payroll.
  2. Select a pay schedule, then Continue.
  3. Click the employees you want to pay.
  4. Enter hours worked if applicable.
  5. Select Preview Payroll.
  6. To edit or preview a specific check, select the Edit (pencil) icon next to the check's net pay, then select OK when done.
  7. When you're ready, select Submit payroll.
  8. To print paychecks, select Print paychecks, then Finish payroll.

 

You can also see this article for more details about the process: Process or run payroll.

 

However, you’re implying to running payroll reports, you can utilize this link for guidance: Run payroll reports. If you wish to get in touch with our Support team, you can refer to the steps provided in this article: QuickBooks Online Support. Ensure to review their Support hours to know when agents are available.

 

Know that you’re always welcome to get back to me in this thread if you’re referring to something else. I’ll be around to help you in managing your payroll and your account. Keep safe and have a great week ahead!

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