Quickbooks - Payroll

[JoeCM2]

Hi, my accountant is doing my Payroll soon and issuing pay slip, for me to log into quick books do i:

Do a Journal Entry debit to:

Wage and Salary Control
Employers NI Contribution

Then when I have paid from account, do a transfer for Bank Account to these Journals?

 

[MyAccountantOnline]

Unless you aren't going to pay the wages I'd keep it simple and just record the payment when made.

 

[JoeCM2]

Unless you aren't going to pay the wages I'd keep it simple and just record the payment when made.

Yes I will do it when I pay myself but is that the process of logging correctly?

 

[MyAccountantOnline]

Yes I will do it when I pay myself but is that the process of logging correctly?

It's quite correct to record the payment when made - nothing wrong with that at all.

 

[JoeCM2]

It's quite correct to record the payment when made - nothing wrong with that at all.

Thanks I understand that, I am referring to my suggestion in terms of journal entries, are they the correct journals to post to

 

[Scalloway]

Debit Wages
Debit Employers NI
Credit Wages Payable
Credit HMRC Creditor.

 

[MJ Holohan]

Above journal is correct and keeps it simple for you

 

[MyAccountantOnline]

If you were really doing it by the book you'd have -

Net wages control account
Credit gross salary
Debit PAYE
Debit NIC'ee

PAYE/NIC Control account
Credit PAYE
Credit NIC'ee
Credit NIC'er

Wages
Debit gross salary

Employers NIC
Debit NIC'er

Then when the net wages are paid you'd debit the net wages control account and when the PAYE/NIC is paid you'd debit the PAYE/NIC control account.

Scalloways simplified version is much easier.