11/27/2023 0 Comments Intuit quickbooks payroll supportYou must also specify the expense account to which Employers PRSI is charged Bank This section lets you specify the bank accounts that wages are paid from. To use employer costs you must specify an account to be debited and an account to be credited PAYE/PRSI Liabilities These settings determine where PAYE/PRSI that is deducted from wages are recorded as liabilities due to be paid to Revenue. For example, if an employee has a company car that is costing the employer 500 euro per month in re payments, then this indirect cost can be associated with the employee via Employer Costs. Employer Costs CollSoft Payroll has the facility to accrue other costs that are not directly related to payroll. Such deductions would usually (but not always) be assigned to Liability accounts. Deductions This section allows you to specify how deductions (other than PAYE/PRSI) are posted to your accounts. This section also includes an entry for BIK Loans to cater for Loans to an employee to cover a shortfall in his/her pay with respect to tax liabilities incurred from Benefit In Kind. Additions Additions to pay would usually be posted to expense accounts. ![]() Each pay item can be posted to either a single or separate accounts depending on the detail that you require for your accounting. These items would normally be posted to Expense accounts so that they appear in the Profit & Loss report. The items that can be exported are categorised as follows: Pay Items Pay Items include all standard payment types such as Basic Pay, Holiday Pay, Hourly Pay etc. CollSoft Payroll allows great flexibility in how such items are posted to your accounts. Nominal Mappings Before you can export your payroll data to QuickBooks you must specify the accounts to which the various costs and liabilities are posted. CollSoft Payroll will read the contents of the IIF file and update the Chart Of Accounts screen. Next you must specify the file to be imported. You will be warned that if you proceed with the import your existing nominal account mappings will be lost. Press the Import button on the Chart Of Accounts tab. Open the QuickBooks Nominal Interface Settings as shown above. Now, start CollSoft Payroll and open the relevant company. ![]() A message confirming that the export was completed successfully will be displayed. IIF file containing your Chart Of Accounts. You will be asked where you want to save the. Quickbooks - Payroll Link: Chart of Accounts 4. Select Chart Of Accounts from the Export Window. Select Export from the File > Utilities menu. Start QuickBooks and open the company that you will be importing your Payroll data into. Importing Your Chart Of Accounts From QuickBooks Importing the Chart Of Accounts from QuickBooks is essentially a two step procedure where you export your Chart Of Accounts from QuickBooks and then import it into CollSoft Payroll as follows: 1. CollSoft Payroll includes a default Chart Of Accounts (shown in above screen shot), but you can import your existing QuickBooks Chart Of Accounts. Quickbooks - Payroll Link: Nominal Ledger Interface Chart Of Accounts Before you can create any nominal mappings you must specify the Chart Of Accounts that you want to use. You will now see the QuickBooks Nominal Interface Settings screen. Press the Nominal Settings button on the Misc. Open the Company screen for the company in question. Accessing the QuickBooks Nominal Settings To edit the QuickBooks Nominal settings for your company you should do the following 1. These settings are required so that CollSoft Payroll can post the various transactions associated with a wage to the correct nominal accounts. Setting Up QuickBook Link Before using the QuickBooks Nominal interface there are some settings that you must configure in your company. When you have defined your nominal mappings you are then ready to export from CollSoft Payroll and import into QuickBooks. Quickbooks - Payroll Link: Integration with Quickbooks Before you can export any data from CollSoft Payroll you must define the nominal accounts that the various entries get posted to. ![]() Integration Of CollSoft Payroll And QuickBooks One of the new features added to CollSoft Payroll is the ability to post your payroll data directly from Payroll into Intuit QuickBooks, whereby you export your payroll data to an intermediary file which is then imported into QuickBooks.
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