Payroll Services Virtually and in the Richmond VA Area
At P&L Business Solutions, we offer Payroll Services through Third Parties, such as Dominion Payroll, OnPay, Gusto, ADP, and QuickBooks Payroll.
If your current Payroll Company does not offer Payroll Journal Entry automation into QuickBooks Online, we will manuall enter the Payroll Journal Entry in QuickBooks for you each month. If your Payroll Journal Entries are not being entered automatically into QuickBooks Online, your tax filings will be incorrect.
Most Clients think all they need to do is enter the Paycheck expense that comes out of the bank as “Wages.” The Wages Expense is supposed to be based on the Gross Wage amount, not the Net Wage amount which is what comes through the bank feeds when the Employee cashes their payroll check. The Gross Amount will increase the Wages Expense which will decrease your Net Income which is what you want to do in order to pay less taxes. Doing this correctly will also give you a clearer picture of the profit of your business and exactly what expenses are coming out.
Neglecting to have these Journal Entries entered affects the bottom line or net income of your Profit & Loss Report which is what the person doing your taxes most often looks at. Some CPA’s will request your year-end payroll report and make this adjustment before filing your taxes, but not all will and this should not be left to chance.
