Great work on setting your deduction, Trm05. Managing an employee's expense charged to a business account needs proper handling and documentation. Let me share how to deal with this transaction and reflect them in your profit and loss.
To credit your travel expense line item for the gas charge incurred by the employee, consider utilizing journal entries to credit the expense accounts.
Follow these steps:
1. Go to the Company menu and select Make General Journal Entries.
2. Select an account, and enter the amount you owe your employee.
3. Choose the category and the amount.
4. Select Save or Save & Close.
If you are using QuickBooks Online, you can follow the steps in this article: Create journal entries in QuickBooks Online.
While you can make these adjustments, you can consult your accountant for guidance on how to handle these corrections. They can offer insights into any potential effects on your financial statements and ensure you remain compliant with accounting standards.
Furthermore, discover how QuickBooks Online Payroll and QuickBooks Desktop Payroll calculate taxes, enabling you to understand the tax amounts reflected on your employees' paychecks and payroll forms in this article: Understand how your payroll taxes are calculated.
Drop your comment below if there are things you need to achieve while managing your payroll deductions. We'll be here to guide you along the complete process. Take care.
