![]() ![]() And then your liability balances will show that you don't owe the money anymore. Then, when you are ready to make your monthly or quarterly payroll tax payments, you would post towards those liability accounts again. They will add up and stay on your balance sheet showing how you owe this money to the tax departments. ![]() Notice how the taxes are being stored in liability accounts. Mobile apps: The QuickBooks Online mobile and QuickBooks Self-Employed mobile companion apps work with iPhone, iPad, and Android phones and tablets. Youre free to switch plans or cancel any time. Cancellation policy: Theres no contract or commitment. State Tax Liability Account which is specific by state ($9.57) QuickBooks Online mobile access is included with your QuickBooks. And keeping in mind that I'm making up all these numbers, and I'm also going along with your Zero Net paycheck idea, this is what a paycheck would kinda look like: In that situation, you would CREATE all the accounts that you need using the chart of accounts menu. And let's pretend you are properly set up with the IRS and your state tax departments. Instead, you would make owner's draw using an equity account and no withholdings.īut let's pretend you are not self-employed. You should not be giving yourself a paycheck as a self-employed person. What is the correct way to report payroll in Quickbooks self employed? :( I greatly appreciate your help as I haven't found a great answer online or here in /r/QuickBooks ![]() However, when I go to log in to try Simple Start or Quickbooks Online, it takes me right back to the account I already have and after research, it shows the only additional feature I would gain with Simple Start is sales/sales tax. The only other advice I've received from QB is to upgrade to Simple Start. However, putting it in as a Transfer nullifies the amount as if $0 came out of my account. When I spoke to Quickbooks about it, they said to put it in as a Transfer. How to Install QuickBooks Desktop How do I find my license and product numbers What if I just need to update my software Why isnt my version of QuickBooks. I've already paid the taxes for this so I don't owe it in addition to the businesses actual income. While I get why it would do this, that isn't what I need for my taxes to show correctly. The only employment category is "Contract Labor." Personal payment category is "Personal Withdrawal," but selecting this category adds the -5,000 (example) in as a profit on my line sheet. This version has no category for a regular W2 payment to myself. ![]()
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