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Join nowWe use paychex for payroll. We loaned employee X amount of dollars and its being deducted from his paycheck at a set amount each payday. When I download the transactions into Quickbooks from paychex, the transactions hit as one lump sum under payroll expenses. They are not entered per check. How do i account for the deduction / payment toward the loan since the payroll is entered as one lump sum under payroll expense, for all employees
Let me guide you on how you can account for the deduction from the loan, Linkasink,
You can create a journal entry to record the payroll transactions as they occur so that it will show the specific accounts affected. To do this, you can follow the steps provided below.
You may want to ask your accountant's advice for the specific accounts to use. In case you need o edit, reverse or delete a journal entry, please check out this article for the steps: Journal Entry in QuickBooks Desktop.
QuickBooks also offers a variety of reports so you'll know where the company stands. You can visit this article for additional resources: Understand Reports.
Please touch base with us if you have any other concerns with the employee's loan. The Community is always here to help.
right now I do a journal entry that hits the loan and the payroll expense account. Not sure if its the payroll expense account that needs to be hit or not, because the funds were not paid, but instead withheld.
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