Hope you can help?
I have run payroll last week and realised that I had underpaid an employee so have made 2 bank transactions and now I can't match the transactions to the journal.
Is there a way around this please?
Help has come, Emma!
I can share a few ideas on how to handle your payroll bank transactions and journal entry.
In QuickBooks Online, we can match a bank transaction to multiple recorded entries. However, we're unable to do it the other way around such as in your case (two bank transactions and single journal entry).
No worries. I know some ways on how to get around this. First, you can skip the matching part. Instead, exclude those transactions and manually clear the journal entries in the register.
To exclude the transactions:
Here's how to clear the journal entries:
Another option is to split the journal entry line into two. Then, match it with those two payments on your two payroll bank entries. For this one, I'd suggest consulting an accountant for further guidance.
After that, you can perform the usual matching process like you always do.
When you're all set, you can start reconciling your accounts. This way, you can ensure they're all accounted for correctly.
Let me know in the comment section if you need more banking tips. I'm still here ready to help you.
Thank you for getting back to me, I just have a couple of questions.
If I exclude the transactions, will they not show up in the system to reconcile? As they are payments that need to be accounted for.
If I clear the journals is this like deleting them and with them being linked to Payroll, they need to be there.
Sorry if I have this wrong.
Could you explain how to split a journal please?
Thanks for getting back to us, ELPope. I'm here to share additional details.
Transactions that are in your register are the ones that can be reconciled. If you want to add it to the register, you can add, match, or transfer it. For the detailed steps, please follow this article: Categorise and match online bank transactions in QuickBooks Online.
On the other hand, if you're for splitting journal entries, then, you may need to allocate the amounts for the specific accounts. I'd still suggest consulting your accountant for further guidance on handling this matter. This way, we can ensure your books are accurate in QuickBooks Online.
Please let me know if need more help.