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KMD0403
Level 1

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

I have Paychex Payroll and They deduct in multiple different Cash Withdrawals, HR Services, Fees, Taxes, Income. 

 

I have the Year End Pretax 401K EE Deductions

Medical Allowance as a Reimbursement/Addition

Then your typical Taxes. 

 

How do I create a journal to handle all of these items? Mine just doesn't seem to be working. 

 

Here's an example of one of the employee payroll: 

 

So for the example above, the  Employee Earnings Report Breakdown is as follows: 

GROSS PAY: 3,333.33

MEDICAL STIPEND: $175

PreTax 401K Deduction: $333..33

Fed Taxes: 410.85

State:  151.33

NET PAY: $2,436.15

 

What would the entry look like in QB.  (ATTACHED SCREENSHOT FROM PAYROLL JOURNAL REPORT)

5 Comments 5
AbegailS_
QuickBooks Team

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

Thank you for providing the breakdown of the employee's payroll and the various deductions involved. I understand that you are looking to create a journal entry to handle these items correctly. I'm here to guide you with the process, @KMD0403.

 

To handle the multiple deductions and reimbursements in Paychex Payroll, I recommend creating manual tracking accounts to ensure that your wages and taxes are properly tracked for payroll liabilities and expenses. 

 

If you haven't already, follow the steps to create new accounts in your Chart of Accounts to track your payroll liabilities and expenses.

Create these expense accounts. Select Expense as the account type:

 

  • Payroll Expenses: Wages
  • Payroll Expenses: Taxes

See the screenshot below for your visual reference.

 

By using manual tracking accounts, you can have a clear record of each deduction and reimbursement category, making it easier to reconcile your payroll liabilities and expenses.

 

I  also recommend consulting with an accountant or bookkeeper familiar with Paychex Payroll and your specific accounting software to ensure that the journal entry aligns with your company's financial processes and requirements.

 

See this article for more details: Manually enter payroll paychecks in QuickBooks Online


For future reference, here's a guide on printing your journal entries: Print a journal entry report in QuickBooks Online.

 

If you have additional concerns regarding journal entries, please leave a reply under this thread. I'll get back to make sure you get the assistance you need. 

Rainflurry
Level 14

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

@KMD0403 

 

I have not used PayChex personally but the other systems I have used always had a report that can be generated for the journal entry.  Unfortunately, the screenshot provided is just the paystub info and does not give enough detail to create the journal entry.  It's missing the employer-side expenses (employer portion of SS, Medicare, state/fed unemployment insurance) to create accurate liability accounts/payments for paying the IRS, State of PA, PA unemployment agency, etc.  PayChex must have a Payroll Journal report somewhere.  

KMD0403
Level 1

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

Please see attached example or copy of payroll journal report (employee names not shown)

Rainflurry
Level 14

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

@KMD0403 

 

That screenshot still appears to be the employee's paystub information.  That's not enough detail for a payroll journal entry because it's missing the employer-side expenses.  You need to find that report in PayChex or contact them.  There should be a report somewhere that gives you payroll totals so you don't need to manually add all this up.  

KMD0403
Level 1

PAYCHEX JRNL ENTRY ASSISTANCE - PLEASE

This is the journal report. I just can't send title because of name and socials. 

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