Learn how to view and edit your current payroll preferences by following the steps outlined in this article.
To view and edit:
- Go to Settings and select Payroll Settings. Once you are there, you can see which Expense and Liability accounts are affected when you create a paycheck, make a tax payment or create a deduction. This is a great starting point for drilling down which Payroll Expenses or Payroll Liabilities will reflect on your Profit & Loss or Balance Sheet reports.
- Select Accounting Preferences. Choose your desired account name from your Chart of Accounts from the drop-down.Note: Account numbers do not appear in this box.
- Select OK after choosing all your desired accounts.
- (Optional) You will be prompted to update Classes if the class feature is turned on.
- You will receive a confirmation screen that your accounting preferences have been updated.
- The change of settings affect future transactions. However, you have an option to apply these changes to your past transactions too. If needed, you can backdate these changes for all transactions to the beginning of the year (does not affect changes to selected Bank account).
- When setting up your accounting preferences, any pay type that doesn't increase your employee's gross pay, such as Cash Tips or Personal Use of Company Car will not appear for you to assign an account.