Are you confused about payroll deductions and payroll liabilities? If so, don't feel alone! They can confuse a lot of people.
As bookkeepers we see a lot of things that we feel to be "odd" when dealing with payroll deductions. From the normal employee advance and repayments, to deductions for Fed-Ex or UPS fees, tool repayments, voluntary disability payments, you name it!
The question always seems to center around - is this really a company expense and how the heck do I record these transactions? p> Continue reading
Setting up Scheduled payments allows you to see all payroll related liability amounts that you owe for payroll taxes, health insurance, child support garnishments, etc. in the QuickBooks Payroll Center so that you can easily review the amounts and generate the payment. Continue reading
You should be very careful when choosing to void a paycheck because payroll checks have associated tax and other liability calculations and payments that need to be taken into consideration and it will result in changing payroll year-to-date amounts. Continue reading
QuickBooks Payroll, when properly set up, is capable of tracking and including the cost of your General Liability Insurance in job costing reports. Continue reading
The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. This is the last installment of our 11-part series on the Balance Sheet by Class Report, we'll discuss how you cannot use the Funds Transfer window to transfer funds between classes - instead you will have to make a journal entry to transfer funds between classes. Continue reading
The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions. Another limitation of the Balance Sheet by Class report that I was disappointed in is that payroll liability payments to classes are not automatically allocated and must be manually done by the user. Continue reading
Setting up or modifying an existing Chart of Accounts is not an overwhelming task in QuickBooks. You can add, edit, or merge accounts with a a few mouse clicks. Continue reading