After the Fact Payroll

[LaVone Burnette]

Hi, can someone please tell me if Peachtree has the capability for you to do after the payroll? I plan on using the service PayCycle to handle my payroll for clients.

Is anyone using Paycycle and how are you getting the payroll information into PT each pay period?

Thanks in advance for any help that can be provided.

LaVone

[Lisa_p]

Just make a journal entry for the payroll totals. The journal entry will depend on how the cash is moving out of your bank account.

very generally, it will look something like this:

Debit gross wages 10,000
Debit payroll tax expense 1000
Credit cash or payroll tax liabilities 2000
Credit cash or wages payable 8,000

If you're using the liability accounts, then you would make payments for net pay to your employes, hitting wages payable, and your payment for the taxes would hit the payroll tax liabilities.

If you payroll company just takes the lump sums out for taxes and net pay,then you'd credit the cash account for those.

You may also have credits for deductions such as health insurance, retirement plans,etc.

Hope this helps!