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Old 08-22-2001, 09:25 AM
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Payroll Entries

We have a payroll service doing our payroll which includes the weekly payroll, quarterly reports/deposits, and year-end reports, etc. What is the correct way to post the payroll information into Peachtree. Is entering the information by Journal Entry acceptable or does Peachtree have a unique way of entering the information? We do not need to track employee withholdings since the payroll service provides reports that contain that information.
Thanks for your help.
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Old 08-22-2001, 11:40 AM
Baytek Baytek is offline
Senior Member
Join Date: Jul 2001
Posts: 175
RE: Payroll Entries

The best way to handle payroll entries since you have a Payroll service, is to enter the totals for each pay period in a General Journal Entry. You go to Tasks, General Journal Entry. A sample entry might look like:
Debit Credit
Gross Salaries and Wages 10000.00
Federal Income Tax 1000.00
Social Security employee 500.00
Medicare employee 100.00
Medical Insurance 200.00
401K 300.00
Net Pay-cash account 7900.00

Social Security employer expense 500.00
Social Security employer 500.00
Medicare employer expense 100.00
Medicare employer 100.00

The debits are expense accounts. The credits (except for Net Pay) are liability accounts.

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Old 08-23-2001, 01:57 PM
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Thank you for your help. I thought J/E was the best way, just needed someone to confirm it for me.
Thanks again.
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