I used a payroll funding company. They received all payments from client on our behalf. Once all payroll, taxes and fees are taken out, they deposit the "profit" on our business account weekly. How do I properly record this in QB?
It’s great to see you in the Intuit Community, PauHan.
To ensure your records are correct, you’ll have to input all the transactions coming from the payroll funding company and then create a journal entry. This is to mirror what happened to the actual entries.
Let’s start by adding the employees. I can help walk you through the steps.
Go to the Employees menu at the top and choose Employee Center to add a worker.
Tap the New Employee tab below the Company menu.
This will open the profile screen.
From there, go to each tab and enter the worker’s details.
Click OK to save.
Follow the same process to enter the remaining employees. Next, set up their wages.
The following guide provides an overview of adding an hourly or salary wage item.
Make sure to enter the accounts used to track the transactions in your chart of accounts. For detailed instructions, perform the recommended steps in this article and go directly to the Add or edit an account section: Understand the chart of accounts in QuickBooks.
After setting them up, you can start entering the journal entry. Since the process requires specific posting accounts, I suggest consulting with an accountant for further assistance.
They can provide recommendations on which category to use for the entry.
Stay in touch if you need further assistance while working in QuickBooks. I’ll get back to help you. Enjoy the rest of the day.
Thanks, but that won't work for me I have way to many employees to set one at the time. I received an earning statement from my payroll company every week with totals and that's what I'm looking to enter into QB.