Hello there, @amit.gupta,
Currently, QuickBooks Online International version doesn't have a payroll function inbuilt. As a workaround, journal entries are a good way to record the accounting information for your payroll expenses.
Here's how to create a journal entry:
Check this out: Record payroll transactions manually for your guidance. This article provides scenarios of how to enter manual payroll transactions using a JE.
I've also attached a quick video tutorial below on how to make a JE in QBO.
Upon sharing this, I still recommend consulting with your accountant. He/She might have specific instructions on what account to debit and credit.
Let me know if there's anything else you need with entering employee salary expenses. I'd be glad to help you out.
I created the COA for Salary as an Expense account and I created recurring transactions to create this journal entry for the next 3 months.
My question is why isn't the Salary expense showing up in the Profit & Loss for the financial quarter? I would expect that to show up. Also is this factored into the Cashflow forecast?
You’re most welcome, Eugene. I’m here to share some information with you.
In most cases, an incorrect date period is a common reason why some transactions or details aren’t showing on the report.
You’ll want to make sure you set the date correctly. Also, check your transaction list. The transaction will only reflect appropriately on the report once added successfully in the program. You can use the Audit log feature to verify.
On the other hand, you’ll want to contact our support if the issue remains. Our representatives can check this further and help you with this salary expense to show up.
You can use different reports and projections to get a clear look at your current and future business finances. Just make sure your records are complete and accurate. You can use this information to track your cash flow in QuickBooks.
I’ll be around to help if you need further assistance with your transactions. Just let us know. Have a great day and always take care!
Thank you for the reply. I checked with support and I realized that I misunderstood how recurring transactions work in QBO. I expected that recurring transactions are generated in advanced but it turns out that they are NOT generated in advanced but rather on the date when the transaction recurrence is set.