Employee Compensation Report

Reports>Employees & Payroll.  There are many reports and you can modify by clicking the Modify Report button if all you want to see is the Gross.

If this is not sole ownership of a business check with your CPA or tax professional, otherwise:

If you want to repay the owner:
1. Go to List>Other Names List and add the owner there if you want to write a check to repay now. Or go directly to Write Checks and you will get a pop up where you can add the "Other Name". Enter the bills on the Account or Item tab as described below.
If not being paid now:

2. Go to Vendors>Enter bills and enter a bill payable to the owner (add the owner as a Vendor when the pop up appears that no Vendor exists) if you want pay the money back when it is available. Just enter all of the payments made, list them individually on the Expense tab. It doesn't matter if it was paid with check or cc but you can note that in the description if you want. In the expense drop down use Office Supplies or whatever the expense was for and in the description put the name of where it was purchased and the date (Office Depot 09/01/10) and even the check # or cash or last four of your cc if you wish.
3. If you need to Job cost the expense enter on the Items tab and add the Customer:Job in the column for Customer:Job
4. Tape all of the receipts to a sheet of paper in the order you enter them and if you have the capability scan them. They may be needed in the event of an audit.

If you don't want to pay the owner you can just enter a journal entry to post to the Expense accounts and add to the Owner Equity for the offsetting account.

5. Go to Company>Make General Journal Entry and Enter all of the expenses there (in the debit column) and once you have them all entered the same way as I mentioned above (one line at a time) tab to the next line and the total will be there and you should enter that into an equity account (in the credit column).
6. Depending on the accounts you already have set up in the Chart of Accounts you could enter to one of those or set up
7. (List>Chart of Accounts>New and choose Equity) a Distributions from Owner account (or Start up costs if applicable). You can also lump all office expense together in one line (etc) if you have too many receipts but if possible it would be best for tracking purposes to enter one item at a time.

If you need to enter bills I would enter them using a clearing account. In the future it would be best if you can dedicate a card to use for business use only.

Set up a (clearing) Account or use a Petty Cash Account:
1. Go to Lists>Chart of Accounts and right click on any account
2. Choose New and choose Bank for the type
3. You can name it whatever makes sense to you such as Clearing Bank Account
4. Use this account to post to for both transactions, Income and Expense and they will zero out the account and no Income or Expense will be realized.

Enter a bill as you normally would go to Pay Bills. Pay the bill as you normally would EXCEPT you will pay with the Clearing Account.

Make a deposit into the Account From, the owner and use the Owner Equity Account in the From Account.

In the future, if possible, you should set up and use a "Company" card.

Set up the Credit Card by going to
1. List>Chart of Accounts>right click on any item and choose new>
2. Choose Credit Card for the Type of account and enter the information, including the opening balance if applicable.
3. To enter the credit card charges go to Banking>Enter Credit Card Charges and enter all of the information needed. Choose the proper account such as office supplies, etc.
4. If you are paying a bill that you entered go to Pay Bills and at the bottom there is a drop down box for "Method">
5. Choose credit card and the proper credit card from the list.
To set up for online services make sure you have online service with your credit card company
Add the online service(s) to your QuickBooks account: Go to the Banking menu and click Online Banking, and then click Set Up Account for Online Services.

Follow the instructions in the wizard. Click Next when you complete the step(s) on each wizard page.

To reconcile:
Go to Banking>Reconcile, choose your credit card account and reconcile.
When the reconciliation is complete you will be given the option of writing a check or saving the check to print later.
You can change the amount to pay as QB automatically enters the full amount due.
You can also cancel and enter a check directly at a later date.
If you choose this method when you write the check, in the Account drop down, choose the Credit Card Account.

ALWAYS make sure you have a good backup prior to making any changes.

Keep us posted, we are here to help.
Lori Schwarz

Please share your solutions, click on the thumbs up, solved, so that others may benefit, contact a ProAdvisor directly or continue asking questions in the forum.

As Volunteers to this forum we care about your issues and gladly off