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Posted by catrick on September 29, 2006, 6:30 pm
Please log in for more thread options You do not need to record payroll in Quickbooks. Easypay does your
payroll for you and will give you a summary each payroll. At the end
of the year you will receive your YTD amounts for the tax slips (in
Canada T4's).
1) Reverse any entries you have made to payroll in Quickbooks.
2) Edit>Preferences>Payroll & Employees>Company Preferences>Select "No
Payroll".
3) Get all your payroll summary sheets from Easypay. They should have
given you a listing of: Gross payroll, CPP Employee, CPP Employer, EI
Employee, EI Employer, Income Tax Employee, any deductions etc. and net
payroll. Easypay will take ONE entry out of your bank account per
payroll (not one item per person) so you need only enter one
transaction.
4) "Write Cheque" payable to Bank Statement Items. Enter the net
payroll amount from the summary for the cheque value. Under the
"Expenses" tab record Gross Wage amount to the appropriate wage
expense; CPP Employee+CPP Employer+EI Employee+EI Employer and Income
taxes go to Payroll Benefits Liability. The deductions etc. go to the
appropriate expense account. Do this for each payroll period.
5) As you are not using the QB's payroll module you DO NOT use the
"Pay Payroll Liabilities". All you need to do is to "Write Cheque" to
the government for the amount and allocating it to Payroll Benefits
Liability account.
Cat
Allan Martin wrote:
> > OK. Can someone let me know if this is going to be a problem with a
> > CPA at the end of the year...
> >
> > On the QB payroll setup, I set the "quickbooks earliest payroll start
> > date" to 12/31/2050.
> >
> > Every month when I process payroll, I simply go into Setup Payroll,
> > enter YTD amounts (bank of america easypay gives me all of the
> > calculated tax amounts withheld so i just input them), and I can easily
> > put all of my taxes in there. In the register it records it as YTD
> > ADJ. That is my only concern (over payroll entry). As long as I
> > explain this to a CPA, will there be any problem with this?
>
> You should be more concerned that you have no idea what you are doing.
>
> If your payroll is being processed by an outside service company like Bank
> of America Easypay you should not be using any of the payroll features in
> QB. What possible reason can you have for doing so?
>
>
> >
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