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Payroll Expense Journal Entry-How to record payroll expense and withholdings
 
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Note - Total gross earnings are 48,896 consisting of four employees with gross earnings of 4,062.5, 4,424, 5,409.5, & 35,000. Payroll expense and wihholdings is one of the most complex journal entries that a company will see regularly. Part of the reason for the complexity in payroll journal entries is the legal requirement for the employer to withhold taxes and provide optional benefits. When thinking about payroll tax journal entry it is useful to start at the basic journal entry level. On a basic level the payroll journal entry would be similar to paying any expense with a debit to payroll expense and a credit to cash. The problem is the we will not be paying the employees the same amount they earned because we must withhold part of their earnings. Therefore, the payroll expense amount stays the same, the debit stays the same, because it represents what was the earned. The credit will be broken out into multiple components. We will credit liability accounts for payroll taxes payable. We will credit a liability accounting for social security payable, Medicare payable, and federal income tax FIT payable. We will credit payable accounts, liability accounts, because this is money earned by the employee that we owe to a third party, the government, and will pay on the employees behalf. We may also withhold things like union dues, health care, and retirement plans. The difference between the earning we debit to salaries expense and the credits to the payable accounts will be a credit to cash and equal the amount we actually pay to employees. For more accounting information see website. http://accountinginstruction.info/courses/
QuickBooks Online 2019-Setup Owner Payroll Expense Account
 
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QuickBooks Online 2019-Setup Owner Payroll Expense Account http://accountinginstruction.info/
Payroll Journal Entries
 
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Description
Views: 80294 Athens Tech Accounting
Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics. We stayed on the topic of Payroll in this video. We wear the hat of Bookkeeper with the task of making a journal entry for Payroll. There will be 2 different journal entries involving cash leaving the business and Paying Wages Expense and Payroll Taxes . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 9517 CPA Strength
How To Add Payroll Expense Account Categories
 
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By default QuickBooks record all payroll tax expenses to one account called payroll taxes, but there are many times when a business will want to have multiple payroll tax expense accounts. For example, a company may want different expense accounts to represent different locations or they may want different expense accounts to represent payroll for sales verses payroll for administrative employees. To set up multiple payroll expense accounts and allocated the payroll properly in QuickBooks we will need to add the new payroll expense account with the correct categorization of expense. We will then need to add payroll items that will allocate the payroll expense to the correct account when we process payroll. After we set up the new payroll items that use the new payroll expense account we can adjust employee setting to use the new payroll items. The new payroll items will tell QuickBooks which payroll expense account to use when payroll is processed. For more accounting and QuickBooks information see accounting website. https://accountinginstruction.com/
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 35144 Allen Mursau
In most organizations, the single largest expense is payroll and its associated costs
 
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In most organizations, the single largest expense is payroll and its associated costs. http://www.integrity-data.com/software/employee-accounts-splits/ 888.786.6162 Hi, I’m Dan with Integrity Data, a Microsoft Dynamics GP Payroll software provider. Employee Accounts and Splits from Integrity Data gives you the tools to accommodate payroll posting exceptions in Microsoft Dynamics GP. One example is that you need to split an employee’s costs across multiple cost centers including department and position. A second example is that you need to allocate employee cost to a specified General Ledger account. This can be done by either setting up a rule or assigning it directly to the payroll transaction. Rely on Integrity Data for a purchase, implementation and support experience that is second to none! For product demonstration videos, FAQs and value calculators, please visit www.integrity-data.com or call 888-786-6162. http://www.integrity-data.com/software/employee-accounts-splits/ 888.786.6162 © Integrity Data 2017 - Microsoft Dynamics GP Payroll software provider located in Illinois
Views: 61 Integrity Data Inc
How to maintain company Salary payroll in Tally erp9(HINDI) All step with examples
 
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How to maintain company Salary payroll in Tally erp9(HINDI) All step with examples
Views: 384878 Anirban Sarkar
Add Payroll Taxes Expense Account & Adjust Payroll Items in QuickBooks
 
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Payroll taxes that are employer paid should be allocated to a different expense account then is done by QuickBooks using the default setting. In other words QuickBooks will default to setting most inventory items to be expensed in an account called payroll expense. QuickBooks will therefore group all expense items related to payroll in the payroll tax expense account. Having all payroll tax items allocated to one payroll expense account can make things easier but there are time when we want to break the expense account out into components. It is common to break out payroll tax expenses from the payroll expense account. To allow payroll taxes to have their own payroll tax expense account we need to set up a new account called payroll taxes that is of the expense types and we need to adjust the payroll items to help QuickBooks allocate the proper amounts to it. It is possible to set up new expense accounts while we add payroll items. When breaking our payroll taxes we will adjust the payroll items related to federal unemployment tax, social security for the employer, and medicare for the employer. Once we adjust these payroll items above QuickBooks will allocate the related taxes to the expense accounts we assign. For more accounting and QuickBooks information see accounting website. http://accountinginstruction.com/
Excel Tutorial: Income and Expenditure Account Balance sheet in Excel|Monthly Income Expenses  Losse
 
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Excel Tutorial: Income and Expenditure Account Balance sheet in Excel| Monthly Income Expenses & Losses In This Video Tutorial We'll Learn Excel Tutorial: Income and Expenditure Account Balance sheet in Excel| Monthly Income Expenses & Losses Account Sheet and also Income Statement and Balance Sheet. When you watch it than you can make all kind of Income & Expenditure & Losses Report Sheet. Excel Tutorial: Income and Expenditure Account Balance sheet in Excel 2017 Monthly Income Expenses & Losses Account Statement in MS Excel https://www.youtube.com/c/AR%20Multimedia Asith Roy AR Multimedia Maintain Monthly Income Expenses & Losses in Excel Tutorial How to Create Daily/Monthly Expenses/Incomes/Losses Report in Microsoft Excel Tutorial Income & Expenditure Account In Microsoft Excel 2013 Income Statement and Balance Sheet in Excel 2017 Bangla Tutorial youtube Channel :https://www.youtube.com/c/AR%20Multimedia Facebook: https://web.facebook.com/asith.roy.3 Twitter :https://twitter.com/royasith752
Views: 34620 AR Multimedia
Salary Entries Posting, Payroll, Tally Payroll Entries posting, Tally Material
 
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Month End Salaries posting, Payroll Entries in Tally ERP.9, Salaries payable entry, TDS on Salary Entry, ESI PF & Prforessional Tax Entries in Tally, How to clear Salary provision entry, how to post salaries in tally erp9, how to create ledgers in tally, about Tally erp9
Views: 105521 Wisdom Tally
How to Pay Payroll Liabilites in QuickBooks
 
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Payroll can get overwhelming, here's a quick video on how I recommend paying your payroll liabilities. Remember I'm not a tax professional ;) I'm an entrepreneur who specializes in QuickBooks. Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 30594 Candus Kampfer
Wages Journal Basics - How to Payroll Accounting
 
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In this video, I share how to complete wages journals for payroll. This tutorial demonstrates UK Payroll accounting but the principles of double-entry are used internationally. The debits and credits of gross pay, net pay, employers and employees tax are detailed. Create a bookkeeping spreadsheet using Microsoft Excel http://youtu.be/LlWADbkGdac Support this Channel https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=FHGCUQ8GU9VB6 30 Free Day Trial on KashFlow Accounting Software http://www.kashflow.com/?code=AFF2105084 Free Bookkeeping and Accounting Course https://www.youtube.com/watch?v=IhYJbCAcCKE&feature=c4-overview&list=UUgPrg8qyvKaiED9tvdAIfpQ Learn more at www.freebookkeepingaccounting.com
Views: 34360 BookkeepingMaster
Accrual Example: Salaries Payable (Updated 2016)
 
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Updated for 2016, this video explains the basic concept behind accrual-basis accounting using an example of an accrual journal entry for salaries payable.
Views: 53992 The Accounting Tutor
Payroll and Wages Control
 
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journals and ledgers for payroll and wages control accounts
12 - Accounting for Payroll
 
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An overview of accounting for Payroll, to accompany http://www.principlesofaccounting.com Chapter 12, Current Liabilities and Employer Obligations *Check out the Classroom page to find out how to take this course for credit: http://www.principlesofaccounting.com/classroom.html
Views: 68189 Larry Walther
Payroll Entries
 
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Views: 6874 Cathy DeHart
Accounting for Beginners #52 / Payroll / Employer taxes  / Employer FICA match / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #52 / Payroll / Employer taxes / Employer FICA match / Accounting 101. We stayed on the topic of Payroll in this video. But we changed hats to think of weekly payroll in the eyes of the employer instead of the employee as we did in the last video. The employer has to mach the employees Social Security and Medicare and give to the Tax man . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 12190 CPA Strength
Accrued Expenses - Ch. 3 Video 5
 
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Adjustment for Accrued Expenses
Views: 114164 mattfisher64
Accounts Payable vs. Accrued Expenses - Interview Question
 
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Accounts Payable vs. Accrued Expenses on the 3 Financial Statements: Why Does It Matter? By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" It's a common interview question! You may be asked about the differences between them, how changes are reflected on the 3 financial statements, and so on. And most Google search results on this topic are AWFUL and do not answer the actual question at all, or do so in a confusing way that misses the point (trust me, I looked). THE SHORT ANSWER: Accounts Payable (AP) and Accrued Expenses (AE) work in a VERY similar way... IF they both correspond to Operating Expense line items, or other items that appear directly on the Income Statement. However, AP is more likely to correspond to events such as the purchase of Inventory, which would NOT show up on the Income Statement initially, and so you're more likely to see different treatment with Accounts Payable (no Income Statement impact - just an Asset on the Balance Sheet increasing and AP on the Liabilities & Equity side increasing to balance the change). Both these items represent cases where we've INCURRED an expense but not actually paid for it in cash yet. Example 1: We get an invoice for a legal bill from a law firm we hired. They already performed the service, so we incurred the expense, but we haven't paid them in cash yet. Example 2: We pay rent at the beginning of each month. In between, that expense accrues because we use the building or office every day of the month... so it's not accurate just to view it as an expense on one day of the month, but rather an expense that gets accrued every single day and then paid in cash at the beginning of the month. Example 1 corresponds to Accounts Payable, because we typically use AP for items with specific invoices. Example 2 corresponds to Accrued Expenses, which we typically use for recurring, monthly/quarterly/weekly items WITHOUT specific invoices, such as rent, utilities, employees' wages, and so on. What Happens on the 3 Statements When AP or AE Change? IF they both correspond to COGS or Operating Expenses IN THE CURRENT PERIOD and therefore refer to actual expenses listed on the Income Statement: Let's use the example of AP or AE of $100 on the 3 statements: 1) Income Statement - Expenses (most likely OpEx) will increase by $100, reducing Pre-Tax Income by $100 and Net Income by $60 assuming a 40% tax rate. 2) Cash Flow Statement - Net Income is down by $60, but this expense we just recognized was non-cash, so we record the increase in AP or AE as a cash increase of $100. Our cash flow and ending cash at the bottom are up by $40. 3) Balance Sheet - Cash is up by $40 on the Assets side; on the L&E side, AP or AE is up by $100, but Retained Earnings is down by $60 due to the reduced Net Income, so both sides are up by $40. INTUITION: You've saved on taxes because you recorded an expense, took the tax deduction, and reduced your tax bill... but you haven't paid that expense in cash yet! It's all about the tax savings in this first step. Now, Step 2: What Happens When You Pay the AP or AE in Cash, For Real 1) No changes on the Income Statement - already recognized this as an expense! 2) Cash Flow Statement: Net Income is still down by $60... and now we REMOVE that adjusting entry for AP or AE, so cash no longer goes up by $100 from that. As a result, cash at the bottom is just down by $60. 3) Balance Sheet: Cash is now down by $60 rather than being up by $40, because we just paid that expense in cash. On the other side, AP or AE is now back to its old level and is no longer up by $100. Retained Earnings is still down by $60, so both sides are down by $60 and balance. BUT HERE'S THE IMPORTANT DIFFERENCE BETWEEN THEM: AE almost always correspond to Operating Expenses or other Income Statement expense items... but Accounts Payable often do not. EXAMPLE: Company buys $100 of Inventory on credit - supplier sends over the Inventory, "in good faith," and sends the company an invoice, which goes to its Accounts Payable account. In this case, there are NO CHANGES on the Income Statement because nothing happens there until this Inventory is turned into products and sold to customers! Instead, Inventory on the BS simply goes up by $100, and AP on the other side goes up by $100 to balance it. That scenario happens a lot with AP, but very-rarely-to-never with AE. Further Resources http://breakingintowallstreet.com/biws/3-statement-excel-model-interview-questions/
Example: Payroll Tax Liability and Expense | Intermediate Accounting | CPA Exam FAR | Chp 13
 
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Companies also report as a current liability amounts owed to employees for salaries or wages at the end of an accounting period. In addition, they often also report as current liabilities the following items related to employee compensation. 1.Payroll deductions. 2.Compensated absences. 3.Bonuses. Payroll Deductions The most common types of payroll deductions are taxes, insurance premiums, employee savings, and union dues. To the extent that a company has not remitted the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as current liabilities. Social Security Taxes. Since January 1, 1937, Social Security legislation has provided federal Old Age, Survivor, and Disability Insurance (OASDI) benefits for certain individuals and their families. Funds for these payments come from taxes levied on both the employer and the employee. Employers collect the employee's share of this tax by deducting it from the employee's gross pay, and remit it to the government along with their share. The government taxes both the employer and the employee at the same rate, currently 6.2 percent based on the employee's gross pay up to a $118,500 annual limit. The OASDI tax is usually referred to as FICA (the Federal Insurance Contribution Act).
Payroll Journal Entries | Financial Accounting | CPA Exam FAR | Ch 11 P 2
 
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employee related liabilities, FICA taxes, FICA medicare, tax withholding, compensated absences, bonus, medicare taxes, FUTA, SUTA, CPA exam, accounting, payroll deductions, payroll taxes.
Add Payroll Benefits Expense Account In QuickBooks
 
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We will add a new payroll expense account related to payroll benefits in QuickBooks We will adjust payroll items related to benefits to be allocated to the payroll benefits expense account as we process payroll rather then going to the payroll expense account that is the default setting for QuickBooks For more accounting and QuickBooks information see accounting website. https://accountinginstruction.thinkific.com/
How Reimbursed Expenses Work in QuickBooks Online
 
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Visit the new NerdEnterprises.com Subscription Options: https://nerdenterprises.com/services/subscription-based-training/ One to One Training: https://nerdenterprises.com/services/one-to-one-training/ Get templates: https://nerdenterprises.com/resources-page/templates/
Views: 14341 Nerd Enterprises, Inc.
What Type Of Account Is Salaries Tax Payable?
 
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"What Type Of Account Is Salaries Tax Payable? Watch more videos for more knowledge Income Tax Expense vs. Income Tax Payable ... https://www.youtube.com/watch/iKzdgjYERnE Accounting for Beginners #51 / Payroll / Employees ... https://www.youtube.com/watch/bTz6OaaQZZs Accounting for Income Tax - Part 1/7 - YouTube https://www.youtube.com/watch/1ZQBfuz7FBY Tax Example Part 1 - Tax Payable - YouTube https://www.youtube.com/watch/ya_uCYKigJ4 How to Calculate Income Tax that's Due or Tax ... https://www.youtube.com/watch/OqJHGcpkapo Calculating Income Tax Payable - YouTube https://www.youtube.com/watch/dQQCVKySu_U How to Pay Income Tax Online - YouTube https://www.youtube.com/watch/Ol9MFBYmU1k Deferred Tax Asset & Deferred Tax Liability ... https://www.youtube.com/watch/45PARid_erY A Balance Sheet Example - YouTube https://www.youtube.com/watch/U5OLe5ZpqsU Personal tax accounts - HMRC's online service ... https://www.youtube.com/watch/rz2P_l8dMd8 Lec. 5 - Corporate Income Tax - Example 1 - YouTube https://www.youtube.com/watch/6VMHONBWg9U Current Liabilities Accounting (Sales Tax Payable ... https://www.youtube.com/watch/uInTfE_SDnM Income Tax : Basic Concepts (Part A) AY 2017-18 ... https://www.youtube.com/watch/6qD7L2W_ssk Partnership Taxation: Basis - Lesson 1 - YouTube https://www.youtube.com/watch/ATSEhnkqYEM Income Tax Accounting (IFRS) | Calculating ... https://www.youtube.com/watch/xRSxJrkyYC8 Income Tax Accounting (IFRS) | Calculating Current ... https://www.youtube.com/watch/bx3uBdDjN3M My Tax Account 3 – File and Pay Sales and Use Tax ... https://www.youtube.com/watch/G-aLCNbLu5Y 01 Calculating Income Tax - YouTube https://www.youtube.com/watch/ccCmuwPosNI How Do My Investments Affect My Taxes? - YouTube https://www.youtube.com/watch/2BU8u6B-5z0 The Accounting Equation - YouTube https://www.youtube.com/watch/3y-ZfzoER_I"
Views: 24 Ask Question II
QuickBooks Tip: Properly Recording Outsourced Payroll In QuickBooks
 
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QuickBooks demonstration by http://www.slcbookkeeping.com/ on how properly record outsourced payroll in QuickBooks. Quite often businesses fail to properly record their outsourced payroll, which results in inaccurate financial statements. I will walk you through the difference between payroll liabilities and expenses. I will also show you how to properly record for actual payroll checks, direct deposits, payroll taxes and your payroll fee. If you set up QuickBooks properly recording your outsourced payroll is easy and accurate. http://www.youtube.com/watch?v=yc69iNvRlYs&feature=plcp
Views: 66963 SLC Bookkeeping
How to Enter Salary and Salary Advance Entries in Tally ERP9
 
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TDL Download: https://promptidea.com/index.php?rt=product/category&path=71_72_74 For More Details : http://vidyatv009.blogspot.com/2018/09/how-to-enter-salary-details-in-double.html Dear Friends, Today we are discussing about how to enter salary advance and salary entry in Tally ERP9 Key Words: salary entry in tally journal entry for salary paid to ram payroll journal entry template journal entry for salary paid by cheque what is a good entry level salary payroll journal entry examples accounting entry for salary due salary paid to employee journal entry in tally salary entry in tally erp 9 pdf advance salary entry in tally how to enter salary in tally erp 9 salary ledger creation in tally salary payable under which head in tally journal entry for salary payable examples how to create salary ledger in tally erp 9 salary paid to employee journal entry in tally salaries and wages payable journal entry salary payable journal entry in tally journal entry for salary paid to ram journal entry for salary paid by cheque journal entry for salary due but not paid payroll journal entry template salary paid to employee journal entry in tally payroll journal entry examples
Views: 100576 #VIDYA TV
Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101. We really switch gears with this video. So much so, that i had to put a video of a sideshow in. We went to payroll. And this video is focusing on the Employee's check. How you start with the gross amount minus taxes and you are left with the net amount. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 10921 CPA Strength
Payroll & Personnel Cycle Audit;Test of Control & Substantive Test|Auditing and Attestation|CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ Understand Internal Control and Assess Control Risk—Payroll and Personnel Cycle Internal control for payroll is normally highly structured and well controlled to manage cash disbursed, to minimize employee complaints and dissatisfaction, and to minimize payroll fraud. Because of relatively common payroll concerns from company to company, high-quality computerized payroll accounting programs are available. Because processing payroll is similar for most organizations, and programs need to be modified annually for changes in withholding schedules, companies commonly use an outside payroll service for processing payroll. The auditor can often rely on the internal controls of the service organization if the service organization’s auditor issues a report on the service organization’s internal control Design Tests of Controls and Substantive Tests of Transactions—Payroll and Personnel Cycle Tests of controls and substantive tests of transactions procedures are the most important means of verifying account balances in the payroll and personnel cycle. These tests are emphasized because of the lack of independent third-party evidence, such as confirmation, for verifying accrued wages, withheld income taxes, accrued payroll taxes, and other balance sheet accounts. Even though tests of controls and substantive tests of transactions are the most important parts of testing payroll, tests in this area are usually not extensive. Many audits have a minimal risk of material misstatements, even though payroll is often a significant part of total expenses. There are three reasons for this: 1. Employees are likely to complain to management if they are underpaid. 2. All payroll transactions are typically uniform and uncomplicated. 3. Payroll transactions are subject to audit by federal and state governments for income tax withholding, Social Security, and unemployment taxes. 4. Internal controls vary from company to company; therefore, the auditor must identify the controls, significant deficiencies, and material weaknesses for each organization. 5. Controls the auditor intends to rely on to reduce assessed control risk must be tested with tests of controls. 6. If the auditor is reporting on the effectiveness of internal control over financial reporting, the level of understanding controls and extent of tests of controls must be sufficient to issue an opinion on the effectiveness of internal control over financial reporting. Adequate Separation of Duties Separation of duties is important in the payroll and personnel cycle, especially to prevent overpayments and payments to nonexistent employees. The payroll function should be kept independent of the human resources department, which controls key payroll activities, such as adding and deleting employees. Payroll processing should also be separate from the issuance of payroll disbursements. Proper Authorization As already noted, only the human resources department should be authorized to add and delete employees from the payroll or change pay rates and deductions. The number of hours worked by each employee, especially overtime, should be authorized by the employee’s supervisor. Approval may be indicated electronically or noted on all time records or done on an exception basis only for overtime hours. Adequate Documents and Records The appropriate documents and records depend on the nature of the payroll system. Time records are necessary for hourly employees but not for salaried employees. For employees compensated based on piece rate or other incentive systems, different records are required. For many companies, time records must be adequate to accumulate payroll costs by job or assignment. Prenumbered documents for recording time are less of a concern for payroll because the completeness objective is normally not a concern. Physical Control Over Assets and Records Any unclaimed checks should be returned for redeposit. If checks are signed by a signature machine, access to the machine should be restricted. Independent Checks on Performance Payroll computations should be independently verified, including comparison of batch totals to summary reports. A member of management or other responsible employee should review the payroll output for any obvious misstatements or unusual amounts. When manufacturing labor affects inventory valuation or when it is necessary to accumulate costs by job, adequate controls are necessary to verify the proper assignment of costs. Payroll Tax Forms and Payments Preparation of Payroll Tax Forms Tests for Nonexistent Employees Tests for Fraudulent Hours Fraudulent Expense Reports
How To Enter Payroll Into QuickBooks - Detail
 
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Visit the new NerdEnterprises.com Subscription Options: https://nerdenterprises.com/services/subscription-based-training/ One to One Training: https://nerdenterprises.com/services/one-to-one-training/ Get templates: https://nerdenterprises.com/resources-page/templates/
Views: 333279 Nerd Enterprises, Inc.
Accounting Tutorial Payroll Taxes Training Lesson 14.2
 
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FREE Course! Click: https://www.teachucomp.com/free Learn about payroll taxes in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. http://www.teachucomp.com/free - the most comprehensive Introductory Accounting tutorial available. Visit us today!
Views: 25410 TeachUComp
QuickBooks Online 2019-Payroll Expense Journal Entry QuickBooks
 
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QuickBooks Online 2019-Payroll Expense Journal Entry QuickBooks http://accountinginstruction.info/
What Kind Of Expense Is Salary?
 
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Every adjusting entry for accrued expenses debits an expense account, increasing on the income statement and reducing net payroll is often a significant part of budget small businesses with employees. Sections below further explain the role of these distinctions for budgeting and an operating expense, expenditure, operational expenditure or opex is ongoing cost running a product, business, system. Here's a look at other items included in the salaries and wages categories administrative expenses are that an organization incurs not directly tied to specific function such as manufacturing, production or sales. It is important to understand the behavior of different types expenses as production or sales volume increases. Salaries expense definition salaries are and wages part of expenses on the income statement salaries, a balance sheet under what classification chart accounts would i put opera bean counter. They can either be directly or indirectly related to the core business operations. Expense accounts such as salaries or wages expense are used to record an employee's gross earnings and a liability account payable, accrued payable is the net pay obligation kinds of expenses. 112800 salaries, information technology employees include salary expenses for compensation to services of this type tend to be restricted to a local or small geographical introduction. To put it another way, an accrued expense is paid after being recorded on the books. These costs typically include the following salesperson salaries and wages; Sales administrative staff wagespayroll taxestravel entertainment; Facility rent showroom retirement contribution payable, liability, decrease, increasesalaries expense, increase, decrease. Sections below explain how expenses can be categorized in two ways. Type of an expense and timing at which it is incurred by the business determines whether a direct or indirect. These expenses are related to the organization as a whole opposed an individual department. Expense in accounting, budgeting examples defined explainedexpense wikipediasales expense accountingtoolsoperating expenses operating codes includes accrued (accrued liabilities). For example, the purchase in double entry bookkeeping, expenses are recorded as a debit to an expense account (an income statement account) and credit either asset or liability account, which balance sheet accounts. Expense accounts such as salaries or wages expense are used to record an employee's gross earnings and a liability account payable, accrued payable is the net pay obligation url? Q business case analysis. Total fixed costs remain unchanged expenses are amounts paid for goods or services purchased. Types of payroll liabilities there are and how to record them. Salaries payable, liability, decrease, increasesales discounts, contra revenue, increase, decrease 112300 salaries, classified include expenses for compensation and severance pay to persons who are paid at an system (valors). Html&sa u&ved 0
Views: 42 Lanora Hurn Tipz
Accruals explained
 
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Accruals, accrued expenses, and accrual accounting. The accrual principle is used extensively in the business world, but not intuitively clear to everyone. This short tutorial provides clear and simple examples of the accruals concept and accrual journal entries, so you can contribute to the discussion in your company next time the topic comes up! In many companies, the topic of accruals resurfaces at the end of every period, usually as a variation on this question asked by the CFO or corporate controller: “Quarter-end is near…. Do you have any accruals that need to be included?” Most finance people would know what the CFO means here, and the CFO probably assumes the rest of the business does as well, but that is often not the case. The question from the CFO could actually mean two things: are there any expense accruals to be made, or are there any revenue accruals to be made? You would make an expense accrual when expenses have been incurred for which we have not yet received an invoice from a supplier. You would make a revenue accrual when goods or services have been delivered, in other words the revenue has been earned, but we have not yet actually billed the customer. Using accruals allows a business to more closely adhere to the matching principle. If you have any accrual examples for your company, then please share them as a comment below this video. Once you understand accruals after watching this video, deferrals and prepaid expenses are an important topic to study next: Deferred revenue https://www.youtube.com/watch?v=SNguYyKrqL4 Prepaid expenses https://www.youtube.com/watch?v=hUz39T8-V1I Prepaid expense examples https://www.youtube.com/watch?v=drX-qrrvedo Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
Health Care Expense Account
 
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Pay for out-of-pocket expenses with pre-tax dollars
Views: 265 121 Benefits
Accounts Payable Journal Entries On Balance Sheet, Expense On Income Statement
 
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How to record accounts payable, which is an accrued expense (incurred expense) or an unpaid expense that is not yet paid, has to be allocated and matched to period its used (for goods or service used), accounts payabale (journal entries as T-accounts) is shown on a balance sheet template, cash as an asset, accounts payable as a liability and expense shown on the income statement, accounting template (debts and credits by account) is setup based on the accounting equation where (assets = liabilities + stockholders equity + net income), the template is useful to understand how record accounting journal entries on the balance sheet and income statement by Allen Mursau
Views: 23411 Allen Mursau
Payroll  / Payroll Introduction
 
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TO USE OR PRINT this presentation click : http://videosliders.com/r/1304 ============================================================== Payroll Introduction to Accounting: An Integrated Approach 3rd Edition Penne Ainsworth, Dan Deines Mcgraw-Hill2004, ISBN 0072473835 Start to Finish #8 Presentedby Hello, and welcome to this brief tutorial on debits and credits. To continue to the next slide click on the right arrow, to go to the previous slide click the left arrow. To end this tutorial click on the END button. University of Wyoming – Delta Alpha Chapter END ,During the month there are many expenditures in the business cycle. Some examples are payroll, utilities, and rent. In this problem we will assume that FICA is 7%, FIT is 15%, and FUTA is 2% Background Info ,Day 2: Paid insurance for the month, $750.Day 4: Purchased $450 of office supplies for cash.Day 5: Purchased 100 tee shirts and 120 logos. Suppliers offered terms of 2/10, n/30.Day 8: Received a utility bill for $75. Record as a miscellaneous payable. Day 16: Paid for purchases made on Day 5.Day 18: Recorded payroll for the month. Salary and wage expense is $4000Day 24: Recorded payroll tax expense for the month.Day 30: Made adjusting entries for expenditure process activities. There are $50 of supplies on hand. During the Month: ,Paid insurance for the month, $750 cash Rent Expense 750 750 November 2 1st: Debit Rent Expense $750 2nd: Credit Cash $750 in the General Journal Remember that Expenses will be closed to Owner’s Equity ,Nov. 2 – Paid Rent for the month $750.00 ,Purchased $450 of office supplies for cash. Supplies cash 100 100 November 4th 1st: Debit Supplies $100 2nd: Credit Cash $100 ,Nov. 4 – Purchased Office Supplies for $100 ,Purchased 100 T-shirts and 120 logos with the terms 2/10, n/30. T-Shirt Inventory Logo Inventory Accounts Payable 1000 120 1120 November 5th Remember, each shirt costs $10 and each logo costs $.1 1st: Debit T-shirts $1,000 2nd: Debit Logos $120 3rd: Credit Accounts Payable $1,120 ,Purchased 100 T-shirts and 120 logos with the terms 2/10, n/30. ,Opened the water bill for $75, but have not paid. Accounts Payable Utilities Expense 75 75 November 8th 1st: Debit Utilities Expense $75 2nd: Credit Accounts Payable $75 Remember when you pay this bill you will Debit Accounts Payable and Credit Cash ,Opened the water bill for $75, but have not paid. ,Paid for the T-shirts and Logos bought on November 5th. cash Accounts Payable 1120 1120 November 16th 1st: Debit Accounts Payable $1120 2nd: Credit Cash $1120 Since you did not pay within the discount period you do not receive a purchase discount ,Paid for T-shirts and Logos bought on November 5th. ,Recorded Payroll for November. Total Wages and Salaries were $4,000. Payroll Expense Accounts Payable 4000 4000 November 18th 1st: Debit Payroll Expense 2nd: Credit Accounts Payable ,Recorded Payroll for November. Total Wages and Salaries were $4,000 ,Recorded Payroll Tax Expense For the month Payroll Tax Expense FICA Payable 280 960 November 24th First: Calculate Tax Amount Payroll is $4000 FICA is 7% , FICA Payable is (4000*7%) or $280 FUTA is 2%, FUTA Payable is (4000*2%) or $80 FIT is 15%, FIT Payable is (4000*15%) or $600 Second: Debit Payroll Tax Expense for the total amount Third: Credit each FICA, FUTA, and FIT Payable Account ,Recorded Payroll Tax Expense for the Month ,Prepaid Insurance Insurance Expense 750 750 November 30 Make Adjusting Entries. Assume that $50 dollars of Office Supplies are left. 1st Adjustment: Prepaid Insurance First: Debit Insurance Expense Second: Credit Prepaid Insurance Remember that this adjustment makes the Prepaid Insurance Account 0 because the insurance expired during the month. 750 ,Office Supplies Office Supplies Expense 450 400 400 November 30 Adjusting Entries (Cont.) 2nd Adjustment is to Office Supplies First: Debit Office Supplies Expense Second: Credit Office Supplies Remember that there are only $50 worth of supplies left at the end of the month. This means that $400 worth were used. ,Accounts Payable Cash 4000 4000 Novemb
Views: 159 slide show me
Payroll- How to book it correctly in QuickBooks
 
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Get the template here: https://nerdenterprises.com/product/payroll-how-to-book-it-correctly-in-quickbooks/ Subscription Options: https://nerdenterprises.com/services/subscription-based-training/ One to One Training: https://nerdenterprises.com/services/one-to-one-training/ Get templates: https://nerdenterprises.com/resources-page/templates/
Views: 75980 Nerd Enterprises, Inc.
What every business owner needs to know about payroll taxes
 
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Contact us at 888-727-8796 if you need assistance with your tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [email protected] We deal with both domestic and offshore issues. www.irsmedic.com Before the 1940’s, taxes were only paid by the ‘Fat Cats’, and they were paid in quarterly installments. Since such a small percentage of people were paying taxes, it was easy for the government to ensure that everyone was compliant. They assured us that only these ‘Fat Cats’ would pay --- until they 'changed their mind' to expand the tax burden to include everyone. “But it’s war time! The budget is suffering and we need your help! Don’t worry…this tax won’t be around forever!” And so we all began to pay. What the government realized quite quickly was that they could rapidly lose control of compliance and collections since there were now so many people paying taxes. They also realized that since they were taxing people a percentage of their salary, the tax debts could add up to the point that the taxpayers just couldn’t afford to pay it back. Taking control with “Pay as you go”: In 1943, Congress passed the Current Tax Payment Act. The idea was born from Beardsley Ruml, an executive for R.H. Macy & Co. and adviser to Roosevelt. In his experience in working with customers from Macy's, he noticed that people didn’t like big bills --- they instead liked to make partial, smaller payments. His “Pay as you go” idea grew into this act that required employers to withhold a percentage of federal income taxes from their employees wages. The employers would then be responsible for paying the government on the workers behalf. Withholding was a great way to keep control of the masses. It’s easier to police a smaller number of taxpayers, and, employers are easier to influence as they have more at stake. Understanding withholding and payroll taxes: Payroll withholdings are the taxes and benefits paid by the employee and include: Employee portion of Social Security tax - 6.2 percent Employee portion of Medicare tax - 1.45 percent (a 0.9 percent Medicare surtax when the employee earns over $200,000) Federal income tax State income tax Court-ordered withholdings As an employer, you are technically the 'trustee' and are holding this money 'in trust' for the government until your quarterly payment is due (4/15, 6/15, 9/15, 1/15). Technically, this is not your money... it is the governments. The law also requires you to pay the employer's portion of two of these taxes: a 6.2 percent Social Security tax a 1.45 percent Medicare tax (the “regular” Medicare tax). We have a lot of clients that are dealing with payroll tax debt. The stress can feel overwhelming, and you may make poor choices trying to solve the issues on your own. It’s a scary thing because you are talking about not only your own livelihood, but also the livelihood of your employees. Scarier still is that you are personally liable for this debt; it's not just the responsibility of 'the business' to pay it back. In our experience, we find that 98% of payroll tax problems are caused by cash flow. Cash flow problems can easily spiral out of control, and can be caused by a client that burns you, a natural disaster, a lawsuit, or employee embezzlement, to name just a few reasons. Unfortunately, we find that the nicest people end up with payroll problems because they may be afraid to lay any employees off. These are honest people that didn’t take the money for their own use; they took the money and put it into the business to keep the lights on, or to pay for supplies hoping to turn the business around. They are misunderstood, hard-working, and are simply trying to make ends meet. We’ll talk more in depth in tomorrow’s article about payroll tax solutions and negotiations, but bear in mind that sometimes if you lay people off, you may be able to get your issue under control and end up re-hiring them. If you need assistance with a payroll tax debt, don’t hesitate to contact us. We’re here to help. http://www.irsmedic.com Serving US taxpayers worldwide "Real Tax Attorneys for Tough Tax Problems" IRS Medic: Parent & Parent LLP 212.256.1335 888-727-8796 Twitter: https://twitter.com/irsmedic Facebook: https://www.facebook.com/TheIRSMedic
Views: 7902 IRS Medic
How to Setup Payroll Items in QuickBooks 2018
 
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Get the complete 7-hour course for QuickBooks 2018 course here ► https://www.simonsezit.com/courses/quickbooks/learn-quickbooks-2018-training-tutorials/ During this QuickBooks 2018 tutorial video, we will talk about setting up payroll items and demonstrate adding new payroll items using EZ setup and custom setup. Checkout some of our other training on YouTube: QuickBooks Pro 2017 tutorials: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jmQNGnrpG2YC26WHfTIVAb Excel 2016 for Beginners training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jUeMoLReqNzzuKj7rdLhZ2 Excel 2016 Advanced training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3hzyKexLt4YW-AaIUPeiCen Word 2016 for Beginners training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3gLcSQaxPMW_vma_z3xiwF1 Stay in touch: SimonSezIT.com: https://www.SimonSezIT.com/ StreamSkill.com: https://streamskill.com/ YouTube Channel: https://www.youtube.com/user/simonsezittraining Twitter: https://twitter.com/SimonSezIT If you enjoyed the video, please give a "thumbs up", leave some comments and subscribe to the channel ;-)
Views: 20707 Simon Sez IT
QuickBooks Payroll -Mileage Reimbursement
 
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We are excited to announce our new QuickBooks Made Easy training product. QuickBooks Made Easy for Payroll: The Essentials. This product has been recorded by QuickBooks Made Easy Trainer, and owner of Powerful Accounting Dawn Brolin
Views: 3713 QuickBooksMadeEasy
Reckon Accounts Hosted - Pay Payroll Liabilities
 
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Paying your Payroll Liabilities
Views: 2185 Reckon
How to Maintain Daily Expenses in Excel | Expenses Record Maintain in Excel
 
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How to Maintain Daily Expenses Record in Excel..... Subscribe our YouTube Channel :- https://www.youtube.com/channel/UCWagfeBIjizh9tKQV2tBnmg?sub_confirmation=1 .... Subscribe & Share this video … Must Watch Our New Advance Video about :- How to Maintain Daily And Monthly Expenses With Category & Daily Breakup https://youtu.be/90WtYwzEHYc
Views: 270922 GyanNiti
Payroll Deductions in QuickBooks
 
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This video tutorial will show you how to setup payroll deductions (other deductions) that are not associated with healthcare costs, taxes, etc. If you would like to learn more or have any videos you would like help with let us know and we will be glad to assist. This video was created by It's About Time Bookkeeping (formally Equality Financial).
Views: 29179 IATB Group
2016 Multi-Location Standard Filing Gross Receipts Tax & Payroll Expense Tax Annual Return
 
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This presentation provides basic information regarding San Francisco Business and Tax Regulations Code (“Code”), Article 12-A-1, Gross Receipts Tax Ordinance, as well as amendments to Article 12-A, Payroll Expense Tax Ordinance and Article 12, Business Registration, which were enacted by Proposition E (App. 11/6/2012, Oper. 1/1/2014.) Nothing in this presentation supplants or replaces the requirements of the Code. This presentation is not intended as a substitute for advice from a taxpayer’s own legal and financial advisors. No person is exempt from the payment of any tax or registration fee or from the return filing requirement, except as provided in the Code. (See, Article 12-A-1, Section 953(c).) In addition, changes in the law or in regulations may occur from time to time. If there is a conflict between this presentation and the law, the law and not this presentation shall control. The City intends to collect the taxes that Article 12, Article 12-A and Article 12-A-1 impose to the full extent of the City’s authorization to do so under the law. Examples provided in this presentation are intended only to illustrate concepts discussed in the text, and do not necessarily reflect the methodologies and policies which the City may ultimately adopt in interpreting and enforcing this law. The examples do not limit, restrict or in any way circumscribe the City’s ability in enforcing its taxes, to develop rules and regulations or to prescribe different methodologies that are consistent with the applicable City law. Any discrepancy between the examples this presentation cites and the requirements of the applicable City law does not reflect a change in taxing methodology for purposes of Government Code Section 53750(h).
Introduction to Auditing Payroll and Personnel Cycle | Auditing and Attestation | CPA Exam
 
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Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ The payroll and personnel cycle begins with hiring employees and ends with paying them for the services they performed and the government and other institutions for withheld and accrued payroll taxes and benefits. In between, the cycle involves obtaining services from employees consistent with company objectives, and properly accounting for the services. Human Resources The human resources department provides an independent source for interviewing and hiring qualified personnel. The department is also an independent source of records for the internal verification of wage information, including additions and deletions from the payroll and changes in wages and deductions. Human Resource Records Human resource records include such data as the date of employment, personnel investigations, rates of pay, authorized deductions, performance evaluations, and termination of employment. Deduction Authorization Employees may submit a form or make online selections that authorize payroll deductions, including the number of exemptions for withholding income taxes, 401(K) and other retirement savings plans, health insurance, and union dues. Rate Authorization A form or other electronic record is used to authorize the rate of pay. The source of the information is a labor contract, authorization by management, or in the case of officers, authorization from the board of directors. Timekeeping and Payroll Preparation Timekeeping and payroll preparation are important in the audit of payroll because they directly affect payroll expense for each period. Adequate controls are necessary to prevent misstatements in the following four activities: Prepare time records by employees Summarize and calculate gross pay, deductions, and net pay Payment of payroll Prepare payroll records Time Record The time record is a document indicating the time the hourly employee started and stopped working each day and the number of hours the employee worked. Time records may be in paper or electronic form, and they may be prepared automatically by time clocks or identification card readers. In many environments, especially retailers, employees enter arrival and departure times using point-of-sale machines that capture time record information daily. In other environments, time records may be submitted weekly. Job Time Ticket The job time ticket is a form indicating which jobs an employee worked on during a given time period. This form is used only when an employee works on different jobs or in different departments. Job time tickets are often done electronically by a time and expense reporting system. Payroll Transaction File This computer-generated file includes all payroll transactions processed by the accounting system for a period, such as a day, week, or month. The file contains all information entered into the system and information for each transaction, such as employee name and identification number, date, gross and net pay, various withholding amounts, and account classification or classifications. Payroll Journal or Listing This report is generated from the payroll transaction file and typically includes the employee name, date, gross and net payroll amounts, withholding amounts, and account classification or classifications for each transaction. Payroll Master File The payroll master file is a computer file used for recording payroll transactions for each employee and maintaining total employee wages paid for the year to date. The record for each employee includes gross pay for each payroll period, deductions from gross pay, net pay, check number, and date. Payment of Payroll The approval and distribution of payroll must be carefully controlled to prevent theft. To increase control, payroll disbursements are generally processed separately from other disbursements. Payment of Payroll Payments are issued to employees in exchange for services performed. Payments may be made by check, but are usually deposited directly into employees’ individual bank accounts. The amount paid is the gross pay less taxes and other deductions withheld. ndependent bank reconciliation is important for all cash accounts, including payroll, for finding errors and fraud. An imprest payroll account is a separate payroll account in which a small balance is maintained. Preparation of Payroll Tax Returns and Payment of Taxes W-2 Form This is a form sent to each employee that summarizes the employee’s earning for the calendar year, including gross pay, income taxes withheld, and FICA (Social Security) withheld. Payroll Tax Returns These are forms submitted to local, state, and federal units of government to show payment of withheld taxes and the employer’s tax.
Entering Payroll Expenses into QuickBooks
 
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This video is about Entering Payroll Expenses into QuickBooks
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Payroll Journal in Sage 50 Accounts Part4 payroll journal in sage 50, payroll journal in sage accounts, journal entry,salary journal,payment summary history,P32 employer payment record ,sage 50 accounts ,sage accounts ,sage payroll, quickbooks , bookkeeping [email protected] sage accounts sage payroll quickbooks bookkeeping [email protected]
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