Payroll-related accounts will report on the income statement and balance sheet based on the chart of accounts setup.
Payroll may include any or all of the following:
- Salaries
- Wages
- Bonuses and commissions to employees
- Overtime pay
- Payroll taxes and costs
- Social Security
- Medicare
- Federal income tax
- State income tax
- State unemployment tax
- Federal unemployment tax
- Worker compensation insurance
- Employer paid benefits
- Per diem
- Insurance (health, dental, vision, life, disability)
- Retirement/401k plans
- 941 (Employer Quarterly Federal Tax Return form)
When payroll is processed through a payroll vendor, it can be imported into CommunitySuite as journal entries. Payroll salaries can be consolidated on import so individual salaries are not logged in transactions.
The use of an outside payroll company to process payroll is highly recommended.