Under the Employee Centre, Payroll tab, click the ‘Start Schedule Payroll..’ button to start preparing payroll for your employee.
Enter Payroll information
In the Enter Payroll Window, you can edit your Pay Period Ends, Payment Date and Bank account. Besides, you can click the ‘Open Paycheque Detail’ to edit the payroll information of this selected employee.
Under the Employee Summary, you will note that:
Basic Salary: 1055.00
Transport Allowance: 400.00
CPF Employee: -291.00
Net Pay: 1,164.00
If information is correctly stated, you can proceed to create the payroll by clicking the ‘continue’ button to continue with the creation of payroll for this selected employee.
Review & Create Paycheques
In the Review & Create Paycheques window, besides reviewing your payroll information, you are able to select the Pay Cheque Option such as Print pay cheques from QuickBooks or Assign cheque numbers to handwritten cheques. (Note: for Assign cheque numbers to handwritten cheques, you are only allow to set your first cheque number and QuickBooks will automatically create the subsequent numbers)
Click the Create Payment button to create your paycheque.
The double entry for this transaction will be:
Debit: Transport Allowance expenses account: 400.00
Debit: Basic Salary Expenses account: 1055.00
Debit: CPF Employer contribution expenses account: 211.00
Credit: CPF Payable (Other Current Liability account): 502.00
Credit: Bank: 1,164.00