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Join nowHi,
I'm sure that this is a really simple question.
I have a two person consultancy, but for the past year, I am the only one doing billable work, and because to manage cash flow, I often defer paying myself the full hours I am due until checks come in from clients.
I've been tracking the hours and dollars that I have deferred outside of Quickbooks in a spreadsheet, and also put the outstanding pay owed in the Memo section of my own paystubs.
But, is there a better way to do this within Quickbooks? Set up an an expense sub-account to "Payroll Expense" that I increase whenever I defer payment to myself?
Thanks.
Hi, @tipsen.
You can set up your account to defer your payroll taxes and expenses. I'll show you how.
Moreover, I would recommend consulting your state agency to request a waiver or discuss your situation and gain approval for late filing or payments. Once you contact your state to let them know about your extension, you can connect with our Support Team so a representative can help you stop or reschedule payments.
To contact support:
I'm adding these links for more hints about deferrals:
You can also skim through the topics from our help articles for additional resources about QuickBooks and payroll.
Please feel free to get back to me here for any additional payroll questions. I always have your back. Thanks for dropping in, and cheers for more success!
Sorry, I think that you misunderstood my question.
Here is what I am trying to do:
Let's say that I invoice my clients, and they owe me $10,000 for services.
Because of payment terms, they aren't going to actually pay me for 45 days.
I want to run two payrolls during that time, and I don't want to run out of money because the company hasn't been paid yet.
So, I run a payroll, knowing that I billed for one client, 20 hours at $200 per hour, and I'm owed $4,000 for that work. But I defer paying myself half of that money, until I know that the invoice is paid, and I only cut a payroll check for $2,000, knowing that I'll pay myself the other $2,000 in 45 days.
What's the best way to keep track of that in Quickbooks? I've been doing it in an external spreadsheet up to this point.
Hello @tipsen,
As of the moment, there isn't an integrated way to keep track of your payable accounts with your employee's payroll.
That said, it is recommended to track them using the spreadsheet you've mentioned to keep a record of your funds based on the invoice payments and your employee's payroll.
Additionally, I've also included this reference for a compilation of articles you can use while working with us: Help Articles for QuickBooks Online Payroll.
If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.
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