@2:39 The detail type matters when you use the QB file to import into a tax return. The mapping requires those detail types to determine where it goes on the tax imput.
GREAT DEMO! Thank you!. Half of my payroll is direct deposit and the other half is Net Check. How do I post the Net Checks in the JE to reflect the Net Amount for payroll in the JE?
Thanks for the Video. I have two questions. First where does the ADP deductions go on the Journal Entry? Second is how to categorize the ADP payroll expense coming from the checking account in the bank registry in QuickBooks? Thanks.
Deductions go in the credit column. The expense category would be Payroll Expense. If you need help with Payroll you can schedule a 15-minute meeting and I can walk you through it: www.gentlefrog.com/meeting/
Rachel. Thank you for your videos- such clear step by steps. Thank you! Do you have a video for payroll when there are payments for child support or health insurance deductions?
Hi Rachel @GentleFrog! Thank you for your recording! It helped us make sense of the QB entries!! I have one question: the two Payroll Liabilities entries balance each other having a zero effect on the account, why make them? Thank you again!
I make records for them because I want anyone who comes behind me to quickly and easily see that all of the totals from the reports are on my Journal Entries. I never want anyone to stop and wonder about my work.
Thank you! What if I don't have ADP but pay everything through a bookkeeper, and I have chart of accounts split between federal and state for both expenses and liabilities?
If you're using QBO it should be correct, assuming you mapped your entries correctly. The tax liabilities should be zero, with the exception of WA state. The last time I looked into it, QB payroll would calculate this incorrectly. I typically find that clients who use QB payroll often have incorrect values for their liabilities. If you're using QB payroll and it's not right, we recommend payrollsolutionsplus.net/. We do not support, teach, or help people correct QB payroll issues.
Journal Entries are not created "within" an account. You need several different accounts to properly categorize everything in a payroll journal entries. As you can see in the video across the left side of the journal entry there are three different account used. If you need help you can schedule a 30-minute meeting and I can walk you through it: www.gentlefrog.com/meeting/
The loan would be recorded as a debit to employee advance (or something similar) when the money goes to the employee. The repayment is a credit to the same account. If you're interested I can use your information (blurred, like the training demo video) to make a video.
Our employees contribute to their health coverage. As employer we pay the balance. Can you show how to document this correctly? Also, an employee is paying back an advance. How do I show that on the balance sheet?
@andrewbrosenitsch1231 @3:45 in the video I cover crediting the checking account for the direct deposit. You'd do it the same way except you'd have a line for each check. If that's not clear you can schedule a 15-minute meeting and I'll be happy to walk you through it: www.gentlefrog.com/meeting/
Ok this was definitely the video i needed to see! Super helpful! Thank you!
You're welcome, I'm so glad you found it helpful.
Thank you. very easy and useful method to explain about the payroll entry.
You're welcome! I'm glad you found it useful.
This was super helpful! Thank you!
You're welcome Heather! I'm so glad you found it helpful.
@2:39 The detail type matters when you use the QB file to import into a tax return. The mapping requires those detail types to determine where it goes on the tax imput.
Yes, if you use your QB file to import into a tax return you should consult with your tax preparer about what detail types to use.
GREAT DEMO! Thank you!. Half of my payroll is direct deposit and the other half is Net Check. How do I post the Net Checks in the JE to reflect the Net Amount for payroll in the JE?
The credit to checking should be split into two entries, with each entry representing the dollars paid via each method.
Definitely a help! Thank you!
Yay! I'm glad it helped.
Thanks for the Video. I have two questions. First where does the ADP deductions go on the Journal Entry? Second is how to categorize the ADP payroll expense coming from the checking account in the bank registry in QuickBooks? Thanks.
Deductions go in the credit column. The expense category would be Payroll Expense. If you need help with Payroll you can schedule a 15-minute meeting and I can walk you through it: www.gentlefrog.com/meeting/
Rachel. Thank you for your videos- such clear step by steps. Thank you! Do you have a video for payroll when there are payments for child support or health insurance deductions?
I don't have a video on that. It's the same logic. I'll add that to the video queue.
@@GentleFrog thank you!
Hi Rachel @GentleFrog! Thank you for your recording! It helped us make sense of the QB entries!!
I have one question: the two Payroll Liabilities entries balance each other having a zero effect on the account, why make them? Thank you again!
I make records for them because I want anyone who comes behind me to quickly and easily see that all of the totals from the reports are on my Journal Entries. I never want anyone to stop and wonder about my work.
Thank you! What if I don't have ADP but pay everything through a bookkeeper, and I have chart of accounts split between federal and state for both expenses and liabilities?
Does your bookkeeper not enter the data into QuickBooks for you? The Chart of Accounts setup sounds fine.
She gives me the info, and I enter everything. Liabilities are all in the negative.
@@RachelG-hg5rx Okay, something is definitely wrong. You can schedule a 30-minute and we can take a look at it together: www.gentlefrog.com/meeting/
Oh I have a question!! If the payroll is going through QBO, this should already be done, correct? Also, should payroll liabilities
always be zero?
If you're using QBO it should be correct, assuming you mapped your entries correctly.
The tax liabilities should be zero, with the exception of WA state. The last time I looked into it, QB payroll would calculate this incorrectly.
I typically find that clients who use QB payroll often have incorrect values for their liabilities. If you're using QB payroll and it's not right, we recommend payrollsolutionsplus.net/. We do not support, teach, or help people correct QB payroll issues.
@@GentleFrog thank you! I have a heard time wrapping my head around the journal entry so this tracking is super helpful.
Just need clarification. Set up a Payroll account, then within the Payroll account Add Journal entries to separate it out.
Journal Entries are not created "within" an account. You need several different accounts to properly categorize everything in a payroll journal entries. As you can see in the video across the left side of the journal entry there are three different account used. If you need help you can schedule a 30-minute meeting and I can walk you through it: www.gentlefrog.com/meeting/
I thought ADP already had integrations so that you don't have to do this manually like you are showing? Am I wrong?
ADP does have an integration, some businesses have issues with the integration and prefer to have their payroll entered manually.
Hello im a freelancer bookkeeper. Im interested to know more about ADP Payroll
You can find ADP reps on LinkedIn that would be happy to talk to you. Also ADPs website has lots of information: www.adp.com/
How would you record employee loan repayments?
The loan would be recorded as a debit to employee advance (or something similar) when the money goes to the employee.
The repayment is a credit to the same account.
If you're interested I can use your information (blurred, like the training demo video) to make a video.
Our employees contribute to their health coverage. As employer we pay the balance. Can you show how to document this correctly? Also, an employee is paying back an advance. How do I show that on the balance sheet?
You can schedule a 15-minute meeting and I'll walk you through the process: www.gentlefrog.com/meeting/
@@GentleFrog That is fabulous. I believe I have it done. THANK YOU. I am saving your info!
how does the journal entries differ if you write your own checks to your employees?
@andrewbrosenitsch1231 @3:45 in the video I cover crediting the checking account for the direct deposit. You'd do it the same way except you'd have a line for each check. If that's not clear you can schedule a 15-minute meeting and I'll be happy to walk you through it: www.gentlefrog.com/meeting/