QuickBooks is a software that is created with an intention to make the business management an easy task for all the small scale and medium scale organizations. With QuickBooks these organizations can easily manage their accounting, payroll etc in a hassle free manner.
Know How QuickBooks Payroll helps in recording the entries of wages and the taxes that are payable?
It also helps in grossing up the payroll infrequently once in a year, quarter or month. It helps in saving time and ensures better management of your data.
But when it comes to the reporting on quarterly, monthly or weekly basis to the senior management then bookkeepers need the systematic recording of the payroll for each of the single pay day. Let’s understand how payroll is recorded in QuickBooks or you can say QuickBooks Payroll Records, with minimum efforts.
For the ones who already know how to export payroll entries by using the payroll software to QuickBooks, this process doesn’t appear to be difficult. QuickBooks ensures that guess work is taken out of the payroll and the entire work is done by the software be it booking or filing.
Process to be Followed:
- Go first to Banking tab in QuickBooks and then to the Write Checks, after doing that get the net pay entered in the dollar field
- Then get the gross pay added with employer portion as well
- After that get the gross pay added of employer’s tax portion on the statement of profit and loss. Notice the negative amount. The negative number is generated automatically by the QuickBooks so that amount is balanced in the check field’s lower portion, that have the amount of net check above
- In QuickBooks while writing the check, you will see the credit to cash and some items in another account field. These are the debits to financial statements. If you notice that the number is appearing to be negative then it means that credit to financial statement will be generated
- Now get the liability set up in QuickBooks by typing in the account section in Employer Federal Taxes Payable
- Then go to the tab of set-up and click on it
- Ensure that you have entered the amount in negative number. This ensures that credit is created on financial statements or in simple language is creates the liability
If you are looking forward to get more clarity on this concept, then you can get in touch with the Fastfix247 QuickBooks tech support helpdesk. Experts ensures that all your queries and problems are answered timely without causing any delay at your end. Call on at any time of the day or night.