Hello, I enjoy your videos and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my credit card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL
I do not work with payroll so I may not be the best resource for this particular question. I do not know if QBO will give you the option to pay the taxes via a CC. If you do pay the taxes with a CC via EFTPS and then mark it as paid in QBO, my guess is that one of two things will happen: 1. QBO will mark the payroll taxes as paid in the payroll liabilities screen but won't make a "posting" transaction clearing the liability off your books or 2. When the taxes are marked as paid, then QBO will make a posting entry clearing the payroll taxes liability off of your books. When the payment hits your Credit Card Bank Feed if option 1 happened, then put the category of this transaction as the appropriate payroll tax liability account and accept the transaction and then this will take the liability off your books, or if option 2 happens, then when the transaction hits your Bank Feed, then "Match" the CC transaction to the already entered and posted Tax Payment transaction already in your QBO. Hope this makes sense and helps a bit, again I am not a Payroll guy so take everything I say here with a grain of salt. I'm glad you're enjoying my videos so far!
Sure! It would just partially offset the total expense in the certain category. Ex: You pay via CC $100 Supplies Expense Then, merchant returns a partial payment of $25 You can enter the credit in the method shown in this video and then at the end of the day you'll be left with a $75 supplies expense on your Profit & Loss Report
thanks! this was VERY helpful :)
Well explain
Thank you. I am loving your content 😍
This wasn't exactly my problem, but this showed me what I needed to do. Thanks!
Hello, I enjoy your videos and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my credit card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL
I do not work with payroll so I may not be the best resource for this particular question. I do not know if QBO will give you the option to pay the taxes via a CC. If you do pay the taxes with a CC via EFTPS and then mark it as paid in QBO, my guess is that one of two things will happen: 1. QBO will mark the payroll taxes as paid in the payroll liabilities screen but won't make a "posting" transaction clearing the liability off your books or 2. When the taxes are marked as paid, then QBO will make a posting entry clearing the payroll taxes liability off of your books. When the payment hits your Credit Card Bank Feed if option 1 happened, then put the category of this transaction as the appropriate payroll tax liability account and accept the transaction and then this will take the liability off your books, or if option 2 happens, then when the transaction hits your Bank Feed, then "Match" the CC transaction to the already entered and posted Tax Payment transaction already in your QBO. Hope this makes sense and helps a bit, again I am not a Payroll guy so take everything I say here with a grain of salt. I'm glad you're enjoying my videos so far!
Is this the way to track partial cc credits also?
Ex: I buy something, then the merchant returns partial payment (for any reason).
Sure! It would just partially offset the total expense in the certain category.
Ex: You pay via CC $100 Supplies Expense
Then, merchant returns a partial payment of $25
You can enter the credit in the method shown in this video and then at the end of the day you'll be left with a $75 supplies expense on your Profit & Loss Report
Hello can I make a request a vid about opening balance equity and how to work with this. Thank youuuu
Added to my "To Make" list!
@@essentiallyintentional thank youuu