There are two options for direct deposit checks and they will follow the same rules as actual payroll checks. The end result is that the amount of the payroll check should equal the amount that the check was written for (I know ingenious huh?) Any deductions for 401K, cash advance etc should also be entered as a negative number and hit a payroll liability account. All employee payroll taxes should hit a liability account called 'payroll taxes employee' and be entered as a negative number in the check detail. Enter wages as a positive number in the check details. Record wages as a payroll expense and detail them out according to your chart of accounts detail (example: management wages, office wages etc). If they do not then you will have to record each actual payroll check individually as that is how they will clear your checking account. Some payroll companies will take out one lump sum from your checking account to cover actual payroll checks, direct deposits, payroll taxes and their payroll fee. What I mean by actual payroll checks is those that are not issued via direct deposit into your employee's checking account. I will breakdown all the various transactions that typically occur with outsourced payroll and tell you how to properly account for them. Unfortunately this is incorrect and causes inaccurate financial statements. Many bookkeepers that don't know better record any payroll transactions that hit the bank account as a payroll expense and move on. As we have stated before we highly recommend outsourcing your payroll to a trusted payroll company.
I have had a lot of inquiries lately about how to properly record payroll in QuickBooks when using an outsourced payroll company.
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