How can we enter payroll from third party vendor so we can see the cost of doing business?
Posted: Thu Sep 30, 2021 8:00 am
We outsource our payroll, but we would like to input payroll expense so we can get a better understanding of our cost of doing business. If so where would we do this?
You have several options regarding entering the payroll from the third party payroll company, however just entering the expenses is not recommended as there really should be an offsetting entry. You can create manual entries to include the payroll expense information to the account that you select but again it will require an offsetting entry (maybe Bank acct or Liability) and then you can save the Journal Entry as a Favorite so each time you get the payroll journal from the outsourced payroll company all you have to do is update the amounts. Don't forget the third party payroll fees for doing your payroll.
You have several options regarding entering the payroll from the third party payroll company, however just entering the expenses is not recommended as there really should be an offsetting entry. You can create manual entries to include the payroll expense information to the account that you select but again it will require an offsetting entry (maybe Bank acct or Liability) and then you can save the Journal Entry as a Favorite so each time you get the payroll journal from the outsourced payroll company all you have to do is update the amounts. Don't forget the third party payroll fees for doing your payroll.