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Subject Author Date
Paying 'current liabilities' hatesspam 08-01-2007
Posted by N Owen on August 3, 2007, 1:02 pm
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 wrote:

>>
><snipped>
>>>>> Surely setting up 401K entries in QuickBooks is a common enough task. I
>>>>> cannot, however, find any information in the helpfile.
>>>>>
>>>>> Any advice would be most welcome.
>
>>>> Don't just think about journal enties, learn to live them and love
>>>> them.
>>>>
>>> So, journal entries is the way to go? Can you give me an example?
>>
>>
>> Call your accountant and ask them how to journalize your payroll from the
>> reports given to you by your payroll service.
>>
>
>Allan, Allan, Allan
>
>You of all folks should know that there are many ways to skin this cat.
>Calling my accountant for what should be a trivial data entry procedure -
>while an option - is not the option I want to explore first.
>
>My MO for research (for MOST issues - business, personal, medical, etc. )
>is... examine any helpfiles (or, RTFM if you prefer)
>Then search the appropriate support site.
>Then Google the web.
>Then post on appropriate message boards/forums....
>
>If I'm not satisfied after the above steps, then I consider placing a call
>to a paid professional. I not only value my $, I also value the time and
>expertise of the folks I pay for advice (which, IMO, includes not bothering
>them over trivial matters).
>
>Seems you've forgotten recently how to word an appropriate helpful newsgroup
>reply. Since you've previously offered sage advice, I am sure you can regain
>that (currently) lost ability with a little practice.
>
>Why not look at the responses to my question that were posted on the QB
>Community forums for a start?
>
>http://www.quickbooksgroup.com/webx?13@@.efafdb5/2
>
Hatespam-I think what you are failing to understand, is this is not a QB
question, but an accounting "101" question! How are you booking your
payroll now?
N Owen


--
Posted via a free Usenet account from http://www.teranews.com


Posted by hatesspam on August 3, 2007, 1:27 pm
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> wrote:
>
>>>
>><snipped>
>>>>>> Surely setting up 401K entries in QuickBooks is a common enough task.
>>>>>> I
>>>>>> cannot, however, find any information in the helpfile.
>>>>>>
>>>>>> Any advice would be most welcome.
>>
>>>>> Don't just think about journal enties, learn to live them and love
>>>>> them.
>>>>>
>>>> So, journal entries is the way to go? Can you give me an example?
>>>
>>>
>>> Call your accountant and ask them how to journalize your payroll from
>>> the
>>> reports given to you by your payroll service.
>>>
>>
>>Allan, Allan, Allan
>>
>>You of all folks should know that there are many ways to skin this cat.
>>Calling my accountant for what should be a trivial data entry procedure -
>>while an option - is not the option I want to explore first.
>>
>>My MO for research (for MOST issues - business, personal, medical, etc. )
>>is... examine any helpfiles (or, RTFM if you prefer)
>>Then search the appropriate support site.
>>Then Google the web.
>>Then post on appropriate message boards/forums....
>>
>>If I'm not satisfied after the above steps, then I consider placing a call
>>to a paid professional. I not only value my $, I also value the time and
>>expertise of the folks I pay for advice (which, IMO, includes not
>>bothering
>>them over trivial matters).
>>
>>Seems you've forgotten recently how to word an appropriate helpful
>>newsgroup
>>reply. Since you've previously offered sage advice, I am sure you can
>>regain
>>that (currently) lost ability with a little practice.
>>
>>Why not look at the responses to my question that were posted on the QB
>>Community forums for a start?
>>
>>http://www.quickbooksgroup.com/webx?13@@.efafdb5/2
>>
> Hatespam-I think what you are failing to understand, is this is not a QB
> question, but an accounting "101" question! How are you booking your
> payroll now?
> N Owen
>

I went from using QB DIY payroll to using a payroll service. The payroll
service supplies me with reports, and the appropriate journal entries for
most items. The 401K plan, however, they are not connected with. While the
payroll service calculates the amounts to be withdrawn and the amounts of
the company match, the upload to the 401K plan provider is done by me.

And I would be the first to agree that the question was 'accounting 101'.
The basic nature of the question was the reason I posted to the newsgroup
and forums in the first place! Frankly, I fail to understand why such a
common issue isn't dealt with in QB help, or on the QB support site (other
than the stubborn obstinacy of Intuit in no longer giving users any help in
setting up payroll outside of subscribing to their 'service'). I found it
even more surprising that such a basic question had no response from within
this ng.



Posted by Allan Martin on August 3, 2007, 1:45 pm
Please log in for more thread options

>>
> <snipped>
>>>>> Surely setting up 401K entries in QuickBooks is a common enough task.
>>>>> I cannot, however, find any information in the helpfile.
>>>>>
>>>>> Any advice would be most welcome.
>
>>>> Don't just think about journal enties, learn to live them and love
>>>> them.
>>>>
>>> So, journal entries is the way to go? Can you give me an example?
>>
>>
>> Call your accountant and ask them how to journalize your payroll from the
>> reports given to you by your payroll service.
>>
>
> Allan, Allan, Allan
>
> You of all folks should know that there are many ways to skin this cat.
> Calling my accountant for what should be a trivial data entry procedure -
> while an option - is not the option I want to explore first.

You are dead wrong. I'm a CPA and consider the advice given prudent. Without
seeing the actual payroll reports as well as your chart of accounts and the
reporting requirements by your taxing authorities, answers would only be
best guesses.




>
> My MO for research (for MOST issues - business, personal, medical, etc. )
> is... examine any helpfiles (or, RTFM if you prefer)
> Then search the appropriate support site.
> Then Google the web.
> Then post on appropriate message boards/forums....
>
> If I'm not satisfied after the above steps, then I consider placing a call
> to a paid professional. I not only value my $, I also value the time and
> expertise of the folks I pay for advice (which, IMO, includes not
> bothering them over trivial matters).
>
> Seems you've forgotten recently how to word an appropriate helpful
> newsgroup reply. Since you've previously offered sage advice, I am sure
> you can regain that (currently) lost ability with a little practice.
>
> Why not look at the responses to my question that were posted on the QB
> Community forums for a start?
>
> http://www.quickbooksgroup.com/webx?13@@.efafdb5/2
>



Posted by N Owen on August 3, 2007, 5:30 pm
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>>> Our company is an LLC with 3 members, 20 employees and a 401K plan with
>>> matching contributions.
>>>
>>> Our payroll service sends a report with the employee 401K deductions and
>>> the safe harbor match for the employees. I edit the data to add the
>>> member deductions and match and then submit the information to the 401K
>>> plan for deduction from our accounts.
>>>
>>> I set up a 'current liabilities' account with two sub-accounts for
>>> 'payroll deductions' and 'company match'. I've tried to enter the data
>>> from the payroll services report as a BILL for the 401K plan, to be paid
>>> each time I upload the contribution data.
>>>
>>> Problem is, the Bill shows as a DECREASE in the liabilities account, and
>>> when I Pay the bill, the vendor account is zeroed, but the liabilities
>>> account is unchanged.
>>>
>>> I've thought of using journal entries, but I am not sure what the
>>> 'balancing' account would be (payroll liabilities?). And, I need to be
>>> able to have the amount show up as an EFT transfer from my checking
>>> account.
>>>
>>> Surely setting up 401K entries in QuickBooks is a common enough task. I
>>> cannot, however, find any information in the helpfile.
>>>
>>> Any advice would be most welcome.
>>
OK- I just went back & re-read your orig post. When you enter your p/r JE
are you posting the employee deducts as credit to p/r liab? Also, the p/r
JE should have the co match part as credit to p/r liab & as a debit to the
co expense. You must be coding the bill incorrectly. It will reduce your
p/r liability (debit) & increase your Accounts payable liability (credit).
When you write the check, it will reduct your AP liability (debit) & reduce
your bank acct (credit). If you enter the liability check in as a bill,
then just select it to pay by itself & instead of a check # use EFT.
N Owen


--
Posted via a free Usenet account from http://www.teranews.com


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