In the Liabilities section, under Current Liabilities, is a line showing the balance in the Payroll Liabilities account. Click the Details button in the centre of the page. To view your Payroll Liabilities balance, select Reports on the left-hand side menu, then Balance Sheet. You can, however, create a new journal transaction if there are specific adjustments you would like to make, such as separating payroll liabilities into different accounts. This is in order to keep your payroll accounting correct. Payroll journal entries cannot be deleted or edited, except for the description, any Uncategorized line items, Notes, and marking the transaction as reviewed.
The journal transaction’s description will begin with Deleted for ease of reference. If you delete an approved payroll, a matching journal transaction will be created with the credits and debits reversed, to cancel out the original transaction. This is the account where all the amounts that you owe for payroll are recorded until they’re paid. Lines 4, 5, and 6 are all recorded in an account called Payroll Liabilities. This is the amount of employer payroll taxes that you owe to the government for this payroll period, which in this example is the same amount as line 3.This is the amount of employee payroll taxes that you’ve withheld from your employees' paychecks, and need to send to the government.It is the total of their net paychecks, which are the employee wages after taxes have been subtracted. This is the amount due to your employees.It is included on your Profit & Loss report as a separate line item. This line item is the amount of payroll taxes that you owe as the employer.This is recorded to the expense category Payroll Gross Pay, and is included on your Profit & Loss report. This line item represents the gross payroll expense, which is the total pay earned by your employees.The description and date of the journal entry are the last date of the payroll period.Let’s break down what all the line items represent.
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