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Business Account - Payroll category

Norman Drews

Hello,

I use both Quicken (personal) and QuickBooks (business). In Quicken, I have my business account visible just for completeness. What category in the business account would a payroll expense such as salary or tax be under? I don't see anything under the Business Expense category group.

Thanks.

Norman Drews

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Accepted answers

NotACPA

In your Q account, how detailed are you getting re: your business?

Because my thinking is that the QB data would be the business detail (including salaries and payroll taxes) and the business data in Q would be "generic", or summary only.

If you follow that recommendation, I'd have a single category in Q for all business Income and another single category in Q for all business expenses.

And as long as those respective totals agree with QB, I don't see why you'd need much more in Q.

All comments

NotACPA

In your Q account, how detailed are you getting re: your business?

Because my thinking is that the QB data would be the business detail (including salaries and payroll taxes) and the business data in Q would be "generic", or summary only.

If you follow that recommendation, I'd have a single category in Q for all business Income and another single category in Q for all business expenses.

And as long as those respective totals agree with QB, I don't see why you'd need much more in Q.

Norman Drews

Yeah. I just want a summary and category. I am getting detailed in my quickbooks online account, but in Quicken I just want to categorize the payroll distribution / tax. I was thinking just to create a business expense category like Payroll: Distribution and Payroll: Taxes.

NotACPA

I'm taking a guess here … but it sounds as if you report the business income & expenses on your own IRS 1040 … is that right?

Otherwise, why would you need to record payroll taxes (or any expenses) in Q? Are any such expenses paid out of a banking account that you maintain in Q? OR, is everything received, and paid, from a banking account in QB?