What journal entry would I create in Quickbooks Online to process the payroll if not using the build in Quickbooks online payroll?

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For simple standard payroll entry into Quickbooks Online do the following journal entry:

  • Payroll Clearing: (Current Liabilities) Credit the amount of the payroll and enter a description e.g. Wages and Salary for pay period ending 03/03/2021.
  • Wage Expenses: (Expensses) Debit the total gross payment amount and enter a description e.g. Wage Expenses for pay period ending 03/03/2021.
  • TOTAL GOVT & SUPER LIABILITIES:PAYG Withholdings Payable (Current Liabilities)  = Credit the PAYG withholdings from the payrun and enter a description e.g. PAYG Liability for pay period ending 03/03/2021.
  • Superannuation (Expenses) = Debit the total superannuation from the payrun and enter a description in the description field e.g. Superannuation expense for pay period ending 03/03/2021.
  • TOTAL GOVT 7 SUPER LIABILITIES: = (Current Liabilities) Superannuation payable = Credit the total superannuation from the pay run (entered for superannuation above)  and enter a description e.g. Supperannuation liability for pay period ending 03/03/2021.

 

If using Payroller - Print a Payroll Employee Summary and enter the following from the report:

WAGE EXPENSES: Earnings

PAYG WITHHOLDING: Tax

BOTH SUPPERANNUATION LINES: Super

TOTAL EARNINGS: Into Wage Expenses

PAYROLL CLEARING: Net Pay

 

 

 

 

What journal entry would I create in Quickbooks Online to process the payroll if not using the build in Quickbooks online payroll?

For simple standard payroll entry into Quickbooks Online do the following journal entry:

  • Payroll Clearing: (Current Liabilities) Credit the amount of the payroll and enter a description e.g. Wages and Salary for pay period ending 03/03/2021.
  • Wage Expenses: (Expensses) Debit the total gross payment amount and enter a description e.g. Wage Expenses for pay period ending 03/03/2021.
  • TOTAL GOVT & SUPER LIABILITIES:PAYG Withholdings Payable (Current Liabilities)  = Credit the PAYG withholdings from the payrun and enter a description e.g. PAYG Liability for pay period ending 03/03/2021.
  • Superannuation (Expenses) = Debit the total superannuation from the payrun and enter a description in the description field e.g. Superannuation expense for pay period ending 03/03/2021.
  • TOTAL GOVT 7 SUPER LIABILITIES: = (Current Liabilities) Superannuation payable = Credit the total superannuation from the pay run (entered for superannuation above)  and enter a description e.g. Supperannuation liability for pay period ending 03/03/2021.

 

If using Payroller - Print a Payroll Employee Summary and enter the following from the report:

WAGE EXPENSES: Earnings

PAYG WITHHOLDING: Tax

BOTH SUPPERANNUATION LINES: Super

TOTAL EARNINGS: Into Wage Expenses

PAYROLL CLEARING: Net Pay