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For companies
that use a payroll service, each time the report comes
in from the Payroll service company, you should make the
following journal entries:
A Journal Entry for the
payroll A Journal Entry for the remittance of
withholding amounts and employer payroll expenses. If
your payroll service doesn't remit withholding and pay
employer expenses, don't use the second journal entry.
The checks you write will take care of the postings.
Entering the Payroll
Enter the date. Optionally
enter a journal entry number, which QuickBooks will
increment every time a journal entry is made. Tab
through the Journal Entry window entering amounts in the
columns (debit/credit) as follows:
|
Account |
Debit |
Credit |
|
Salaries & Wages |
Total Gross Payroll |
|
|
FWT
|
|
Total Federal Withheld |
|
FICA
|
|
Total FICA Withheld |
|
Medicare
|
|
Total Medicare Withheld |
|
State Income Tax
|
|
Total State Tax Withheld |
|
Local Income Tax
|
|
Total Local Tax Withheld |
|
State SDI
|
|
Total State SDI Withheld |
|
State SUI
|
|
Total State SUI Withheld |
|
Benefits Contrib
|
|
Total Benefits Contributions Withheld |
|
401(k) Contrib
|
|
Total 401(k) Withheld |
|
Other Deductions
|
|
Total Other Ded Withheld |
|
Payroll Account
|
|
Total Of Net Payroll |
Entering Payroll Liability
Payments
In a separate Journal Entry
enter the liability payments as follows:
|
Account |
Debit |
Credit |
|
FWT
|
Total Federal Remitted |
|
|
FICA
|
Total FICA Remitted |
|
|
Medicare |
Total Medicare Remitted |
|
|
State Income Tax |
Total State Tax Remitted |
|
|
Local Income Tax |
Total Local Tax Remitted |
|
|
State SDI |
Total State SDI Remitted |
|
|
State SUI |
Total State SUI Remitted |
|
|
Benefits Contrib |
Total Benefits Contributions Remitted |
|
|
401(k) Contrib |
Total 401(k) Remitted |
|
|
Federal Unemployment (FUTA) |
Total FUTA Remitted |
|
|
Other Payments |
Total Other Deductions/Payments Remitted |
|
|
Payroll Account
|
|
Total Payments Made |
|
