I'll be happy to answer your query, jpforte56.
If your payroll bank account is linked to online banking on your QBO Bookkeeping account, you will need to keep track of those paychecks to maintain all your account data in one place.
To record the payments for the paychecks issued to your employees, you can track them as journal entries. Before doing so, you will need to create manual tracking accounts to monitor your payroll liabilities and expenses.
For the expense account, you should create Payroll Expenses: Wages and Payroll Expenses: Taxes and select Expense as the account type.
For the liability accounts, you will need to create the following accounts and select Liabilities as the account type:
- Payroll Liabilities: Federal Taxes (941/944)
- Payroll Liabilities: Federal Unemployment (940)
- Payroll Liabilities: [State] SUI/ETT
- Payroll Liabilities: [State] PIT/
To create a new account, here's what you'll need to do:
- Go to the Gear icon at the top of your QBO Bookkeeping account.
- Choose Chart of accounts.
- Select the New button.
- Enter an Account name.
- Select an Account type like Expense or Liabilities, and then choose the Detail type from the dropdowns.
- Enter a Description.
- Select Save.
After that, refer to Step 2 in this article for guidance on how to manually enter payroll paychecks in QuickBooks Online.
Once completed, you can match those transactions to your bank feeds.
If you have further questions about managing your transactions, feel free to reach out. I would be more than happy to offer assistance, jpforte56.
