How can you record the mileage expense for a company at year-end in QuickBooks Online? 1. Import the CSV format list of trips into QuickBooks 2. Create a journal entry 3. Select Mileage in the left navigation bar 4. Create a delayed charge

How can you record the mileage expense for a company at year-end in QuickBooks Online? 1. Import the CSV format list of trips into QuickBooks 2. Create a journal entry 3. Select Mileage in the left navigation bar 4. Create a delayed charge

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.3: Posting From A Purchases Journal

Problem 1OYO

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

How can you record the mileage expense for a company at year-end in QuickBooks Online?

1. Import the CSV format list of trips into QuickBooks

2. Create a journal entry

3. Select Mileage in the left navigation bar

4. Create a delayed charge

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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