needing to know how to correctly account for partial paycheck. I actually pay myself a standard paycheck as with our standard employees. Here's the tricky part: I have it set up for our BANK to auto deposit a flat $300.00 every week to my personal account from the business account as my paycheck. However, my paycheck is for more than the $300.00 but I never actually receive the full amount. How do I account for the remaining balance?
example: paycheck = $410.00, money withdrawn = $300.00, $110.00 to remain in company bank account for business use.
So, my bank statement shows the $300.00 but my QB payroll shows the $410.00.
I think QuickBooks is taking out your federal taxes. I pay myself $400 per week. I would print out a hard check each week. The amount of the check was for $344. I didn't have direct deposit until yesterday.
My new check amount is $322. Because my state withholding is now being taken out.