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:

• Add an account to your chart of accounts in QuickBooks Online
• Manually enter payroll paychecks in QuickBooks Online

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

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.

Please anwer my question?

Thank you!!!!

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??

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.

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.

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:

• Create a journal entry in QuickBooks Online

• Reverse or delete a journal entry in QuickBooks Online

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

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.

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.

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.

Payroll help

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!

Accounting for cash entries is correct to be recorded on the date cash is paid, whenever that date really occurs. Sounds like you are paying payroll in advance if you are paying on 12/30 or 01/04 for January payroll. Suggest best to record labor expense as incurred and to pay for work once completed.