three journal entries to record a payroll. total checks
TRANSCRIPT
ThreeJournal Entries
to Record
aPayroll
Total Checks
Total Checks
Labor DistributionColumns
Total Checks
Labor DistributionColumns
Payroll Register Columns
Total Checks
Labor DistributionColumns
Payroll Register Columns
Employer Paid Taxes
Getting The Data
Getting The Data
Enter =
Getting The Data
Click on Payroll Register Tab
Getting The Data
Click on Payroll Register Tab
Click on Net Paid Amount Total and Hit Enter
Getting The Data
Getting The Data
Link to Payroll Register cell AK19
Value from Payroll Register cell AK19
Getting The Data
Type =E5 and hit Enter
Getting The Data
Getting The Data
Type = and click Payroll Register Tab
Click on Admin Total and hit Enter
Getting The Data
Getting The Data
Same for the rest of the Labor Distribution Totals
Getting The Data
Now for the deductions
Type = and click on the Payroll Register Tab
Click on the OASDI total and hit Enter
Getting The Data
There it is!
Getting The Data
Same for the rest of the deductions.
Getting The Data
Now for the Employer paid payroll taxes
Getting The Data
Type = and click on the employee’s OASDI tax and hit Enter
Getting The Data
Type = and click on the employee’s HI tax total and hit Enter
Getting The Data
Type = and click on the employee’s HI tax total and hit Enter
Getting The Data
Type =0.8%* and click on the Payroll Register Tab
Click on the FUTA Taxable Earnings Total and hit Enter
Getting The Data
Type =3.5%* and click on the Payroll Register Tab
Click on the SUTA Taxable Earnings Total and hit Enter
Getting The Data
Type =SUM( and click on the first tax
Getting The Data
Type =SUM( and click on the first tax
Getting The Data
Type : and click on the last tax
Getting The Data
Type ) and hit Enter
Getting The Data
DONE!
Getting The Data
DONE!
Checking Our Work
We know the first Journal entry is balanced, the debit and credit are equal
We know the last Journal entry is balanced, the formula ensures that .
But, the second entry we ought to check…..
Checking Our Work
In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.
Checking Our Work
In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.
Checking Our Work
The 0.00 is what we want to see!
(Be sure to delete the check function afterwards)
The next step is to post the Journal entries to the General Ledger
The next step is to post the Journal entries to the General Ledger
First, let’s post to Payroll Cash
The next step is to post the Journal entries to the General Ledger
First, let’s post to Payroll Cash
The next step is to post the Journal entries to the General Ledger
In the DEBIT column, type = and click on the Journal tab
The next step is to post the Journal entries to the General Ledger
Click on the debit to Payroll Cash and Hit Enter
The next step is to post the Journal entries to the General Ledger
There it is!
The next step is to post the Journal entries to the General Ledger
Going to Cash…
The next step is to post the Journal entries to the General Ledger
Type = and click on the Journal tab
The next step is to post the Journal entries to the General Ledger
Click on the Credit amount and hit Enter
The next step is to post the Journal entries to the General Ledger
What could be easier?
The next step is to post the Journal entries to the General Ledger
What could be easier?
But, what does it do for us?
The next step is to post the Journal entries to the General Ledger
But, what does it do for us?
Click on the Payroll Register tab
Let’s give Student 4 hours of Overtime
Net Paid changes from 11,297.11 to 11,757.52
And, all of these change
And, all the way through to the General Ledger!
So, there is what you can do with Excel.
You can use, or lose; it’s your choice!