On May 1, my client paid out bonus checks to his employees to say thank you for helping him earn his commissions through 03/31. These checks were run as payroll and recorded to "Payroll"...(I do not use QBO Payroll). However, I would like the bonus checks to show on the 03/31 P&L as "Other Expense" to offset the commissions earned, which are recorded as "Other Income".
What kind of JE could I create to show "Bonus paid out" which is an "Other Expense" in my bookkeeping, AND keep the actual payroll checks coded to "Payroll" with the actual date? At year-end I want the Payroll account to match the W-2's and W-3.
I can get the 1st half of the JE: March 31 - Debit "Bonus Paid Out", and Credit Accounts Payable/ Employees
But how do I clear this JE on May 1st and not affect the "Payroll Account"?
This is probably super simple, and I just can't see the forest for the trees!
