Payroll Expense

USA Discussion in 'General Accountancy Discussion' started by NancyR, Feb 2, 2019.

  1. NancyR

    NancyR

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    Hi there,

    I am quite new to the payroll role and I want to make sure I do it correctly, therefore I would like to ask for help with simple payroll posting entry.
    I have the following to consider
    1. Wages
    2.PR Taxes
    3. PR Fee
    4. 401k
    5. 401k match
    6. Health benefits EE portion
    7. health benefits ER portion
    8. Vacation accrual

    Thank you
     
    NancyR, Feb 2, 2019
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  2. NancyR

    kirby VIP Member

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    If you are using a payroll service, call their customer service to help you. They do this all the time. Else, if you are taking over from a prior accountant, review prior payroll reports and see how they made the entry. Else, if this is a new company, you need to balance to the cash payment and 1,2, 3 above will be debits and 4 and 6 will be credits. 8 will be a journal entry dr offset by a journal entry liability credit. 5 and 7 depend on how you pay for them. I hope that is a start that is helpful.
     
    Last edited: Feb 2, 2019
    kirby, Feb 2, 2019
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  3. NancyR

    NancyR

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    Thank you
     
    NancyR, Feb 2, 2019
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