Skip navigation
This discussion is locked
Post a new topic
3 Replies Latest reply: Apr 10, 2008 3:42 PM by LUCKIEST RSS

Quickbooks and Memorized Lists

Excellent Novice
Currently Being Moderated
Our company has a payroll company do our payroll twice a month and each pay period I enter the payroll figures into Quickbooks. An accountant set up a "Memorized List" for this purpose. It looks like this:


Salaries & Wages (Gross)
Payroll Taxes: Federal Unemployment (FUTA) (Employer pays 100%)
Payroll Taxes: Social Security/Medicare (FICA) (Employer pays 50%)
Payroll Taxes: State Unemployment (SUI) (Employer pays 100%)
Payroll Service Charge (Employer pays 100%)


Net direct deposits
Payroll Service Charge (Employer pays 100%)
401K (Employee pays 100%)
Health Insurance (Employee pays 50%)*

Health insurance bill is paid every month by employer, so payroll company does not have to pay the bill.

The problem with using the "Memorized List" is that after the numbers have been entered into the "memorized list" (and both sides equal), it comes out $598.56 more than the cash requirements figure for the payroll company. The $598.56 is the health insurance that the payroll company takes out of each employee's check (employer pays the other half).

(1) Should I be making two sets of payroll journal entries? One set to record employee salary and deductions; and one set _to record employer payroll expenses_? If so, am I to assume that Quickbooks is doing their "behind the scenes" accounting creating the second journal entry? If not, should I be making a second journal entry? Should I also be making a separate journal entry for the payroll service charge since it has nothing to do with taxes, or can that be included in the second journal entry to record employer payroll expenses?

(2) If I continue using the "Memorized List," shouldn't the $598.56 (above) be offset?

More Like This

  • Retrieving data ...


  • Correct Answers - 100 points
  • Helpful Answers - 300 points