We just started using Paychex for processing our payroll. We use a time clock software that flow times into QB and then I can create paychecks in details and send the report to Paychex to figure out taxes and pay. But the liabilites are paid in a lump sum from Paychex. Even though each paycheck detail has the tax liabilities in QB, can I still just use the lump sum for a journal entry or will that mess up our accounting? Or how do I set it up so those amounts for both employer and employee owed taxes/deductions go to a lump sum journal entry?
If the taxes aren't on the paychecks in QuickBooks, then your liabilities resulting from taxes aren't either.
If you pay Paychex for the company taxes up front, then that's just an expense to you, with no need to track the liability, since Paychex then owes the government money for your payroll and is sitting on it until it's due.
If the taxes aren't on the paychecks in QuickBooks, then your liabilities resulting from taxes aren't either.
If you pay Paychex for the company taxes up front, then that's just an expense to you, with no need to track the liability, since Paychex then owes the government money for your payroll and is sitting on it until it's due.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
