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Simplify payday and set payroll to run automatically on QuickBooks. Explore QuickBooks Payroll

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Rainflurry
Level 15

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@Wisco2 

 

"Create journal entry in QBO for the 31st of the previous month that debits the expense account and credits Accrued Expenses"

 

"QBO does not let you tag journal entries which makes project tracking difficult. I know this is a known issue, but don’t understand why nothing has been done about it."

 

Just a thought... There are very few instances of needing to use a journal entry in QBO.  If you want to tag that entry, create a $0 Expense or Bill transaction and list the debit as a positive amount and the credit as a negative amount.  Behind the scenes, that creates a JE that debits the expense account and credits Accrued Expenses but also allows tagging the transaction.

 

"I think it would be smart for QBO to give a “Service Date” field option on a bill for businesses that use accrual accounting. That would remove the need for a journal entry all together."

 

Agreed!

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