Payroll- How to book it correctly in QuickBooks

For a much better quality recording and with live hyperlinks:
http://nerdenterprises.adobeconnect.com/p82181929/

For the full write-up in our blog including a link to download the excel template click here:
http://quickbookshelp.wordpress.com/category/payroll/

Payroll can be tricky and is often posted incorrectly. One very good clue that your payroll is off is that your balance sheet shows Payroll Liabilities in it. Or worse, you have negative payroll liabilities. Every time payroll is posted in it's entirety payroll liabilities should zero out. At the same time if you double click your payroll liabilities from your chart of accounts you should see entries going in and zeroing out for each pay period. If there is no activity in the payroll liabilities account then you may be suffering from the classic payroll mistake that many bookkeepers make - they book the net payroll as the payroll expense, and the book the tax payment as the employer tax expense. This is not correct

Category:

Howto & Style

Tags:

• gross pay
• Gross Salaries
• intuit quickbooks
• net pay
• Payroll
• payroll taxes
• QuickBooks Payroll
• Wages
• Payroll Liabilities
• Balance Sheet
• Net Income
• Bookkeepers

[megasaron10]

Nice video presentation ...Great job!

[nerdenterprises]

@megasaron10 Thanks!

[imcruisin88]

you can not see anything your doing on the video as far as keywords. everything you talked about you could not follow because of a blurry screen and very small print

[nerdenterprises]

@imcruisin88 Sorry! This format didn't render very well on YouTube. The original looks much better. I cannot post a link in here but I just updated the link to the original in the video's description so please give that a try. All of my newer videos are done in Camtasia which produces a much better quality result. Eventually I will re-do some of these older ones in that better format.

[nerdenterprises]

@imcruisin88 Sorry one more thing - did you use the full screen option here on YouTube? Hover your mouse over the video and it's on the bottom right!

[XxJubanixXX]

Sounds like u were disappointed at their work. It could of been better of u ignored them n let us focus on how to do it appropriately. LoL thanks for the vid