At this time, CosmoLex does not integrate with any Payroll providers, however, the program includes all of the Chart of Accounts Necessary to make your payroll entries:
- Write a check(s) for net payroll and post to 6477: Net payroll, expense account.
- If payroll is direct deposit, use type "Wire/ACH-out" transaction.
- If hard copy checks to employees, enter each check individually. Use type "Check". Confirm totals for net payroll match payroll processing reports.
- Create Journal Entry:
- Debit 6478: Employee Deductions
- Debit 6479: Employer Payroll Liabilities
- Credit: 2400: Payroll Liabilities
- Pay Tax Liabilities: Use type "Check" or "Wire/ACH-out") and post to 2400: Payroll Liabilities. You will see a message "You are allocating outgoing funds to an account which is normally used for incoming funds. Continue?" Click "Yes"