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Topic starter
13/02/2021 12:51 am
Hello,
I am working with a PEO payroll company. They pay the employee payroll liabilities. the $ amount comes out of the payroll company not sent directly to the government. When I break down the Salary expense and show the employee payroll liability what journal entry do you recommend so I can zero out the employee payroll liability for that pay period on the balance sheet.
Appreciate your help!
Thank you.
13/02/2021 2:25 pm
The liabilities are reduced/zero'd out, when the liability payment is made.
Topic starter
13/02/2021 5:00 pm
what are the correct journal entries to record payroll taxes?
maybe this will help me more
Thank you
13/02/2021 5:43 pm
Debit Payroll tax Liability and Credit Bank
Topic starter
13/02/2021 6:36 pm
Thank you
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