2013 Payroll Accounting Manual Payroll Project

Scenario #1: Fred's Residential Remodeling Company is running their payroll through Paychex for 5 employees. In this example, Paychex is taking all the money out of your account including the taxes and then pay it on your behalf.

This way, your company is not responsible for paying the Federal and State tax agencies. The total amount on this transaction is $4 055.00. Select the Plus icon (+) at the top. Under Other, choose Journal Entry. Add the paycheck date and entry no. Add the Debit and Credit accounts. All accounts used in this example are expense accounts, except for the bank (Checking) account.

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2013 Payroll Accounting Manual Payroll Project Payroll bulletins virginia dept of accounts, the department, under the direction of the state comptroller, is responsible for: providing a unified financial accounting. 8 hours ago - Journal entry is another good way to record payroll transactions that you do via third-party services like Paycheck, your personal accountant,.

Debit expense account used to track gross wages. ($4,055.00). Debit expense account used to track Social Security. ($251.41). Debit expense account used to track Federal Unemployment. ($32.44).

Debit expense account used to track Medicare. ($58.80). Debit expense account for State taxes. ($137.87). Debit expense account for Paychex Processing Fee.

($45.00). Credit Bank account payroll is deducted from. ($4580.52). Select Make Recurring. Enter a memorable Template Name, then set Template Type to Unscheduled.

To save the template, select Save Template. To save the journal entry, select Save. Note:. Skip steps 4-6 if you only intend to do this transaction once.

2013 Payroll Accounting Manual Payroll Project Management

To access the template you created for this transaction: Select the Gear icon at the top. Under Lists, choose Recurring Transactions. Scenario #2: Fred's Residential Remodeling Company is running their payroll through Paychex for 5 employees. In this example, the company is responsible for paying the payroll liabilities. The total amount on this transaction is still $4 055.00. Select the Plus icon (+) at the top. Under Other, choose Journal Entry.

Add the paycheck date and entry no. Add the Debit and Credit accounts. Debit expense account used to track gross wages. ($4,055.00).

Debit expense account used to track Social Security. ($251.41). Debit expense account used to track Federal Unemployment. ($32.44). Debit expense account used to track Medicare.

2013 Payroll Accounting Manual Payroll Project

($58.80). Debit expense account for State taxes. ($137.87). Debit expense account for Paychex Processing Fee. ($45.00). Credit bank used for processing payroll by the amount of processing fee. ($45.00).

Credit Liability account used for tracking payroll liabilities. ($1398.98). Credit bank account used for processing payroll by net amount of the paychecks. ($3136.54).

To save the journal entry, select Save. Note:. The $1 398.98 is now sitting in the liability account waiting to be paid. Use the liability account used in this journal entry when you are ready to create a check to pay the taxes. This will zero out the liability or lower it to the current outstanding amount. Federal and state employee withholding taxes are not included in this entry because this should come from the employee's gross pay and go directly to the tax agency.

The employer is the 'middleman' whose sole responsibility is to deduct and give the money to the government thus, the money should not be an expense to the employer. Scenario #3: Fred's Residential Remodeling Company is running their payroll through Paychex and today, the company needs to issue a final check for their resigning employee. Issuing the last paycheck of a resigning employee is the most common example when a company that is running their payroll through a third party still needs to issue a check. Make sure to contact your payroll service provider and give them the withholding amounts and the check number used for the paycheck. Select the Plus icon (+) at the top. Under Vendors, choose Check. Fill out the necessary info.

(Optional) In Memo, enter something descriptive such as 'Final Paycheck.' This will show on reports for the bank account. Select Save and close. Once done with the check, a journal entry is needed to clear out the liability account used on the paycheck. This entry will expense the gross wages and the employer's portion of the payroll taxes. It also clears out the liability account back to zero, taking care of the employee and employer portion of the taxes. This is fine since it is actually the service which will pay these taxes.

2013 Payroll Accounting Manual Payroll Project Prevosti

Select the Plus icon (+) at the top. Under Other, choose Journal Entry. Use the same date as the paycheck.

In Journal no., add the paycheck number this journal entry is referenced to. Add the Debit and Credit accounts. Debit the expense account you have for tracking compensation. (Per above example: $1400.00). Debit the expense account used to track payroll tax expense. (Per example: $132.80). Credit the bank account used for payroll by the total of employer and employee paid taxes.

(Per example: $519.90). Credit the liability account by the employee's net payroll. (Per example: $1.012.90). To save the journal entry, select Save. In the rare case that you would pay the taxes directly, the same procedure is used with some slight modifications to your final journal entry. You would only debit the expense account you have for tracking compensation by the net pay instead of gross ($1,012.90 instead of the $1400.00.) and credit the liability account by the same amount.

The taxes would be zeroed out when you create the check to pay the federal and state agencies. When the checks are written you would list the payroll liability account.

Payroll Project October 23 Payroll

This will either zero out the account or adjust the balance to the current amount of payroll taxes still due.