ThreeJournal Entries

to Record

aPayroll

Total Checks

Total Checks

Labor DistributionColumns

Total Checks

Labor DistributionColumns

Payroll Register Columns

Total Checks

Labor DistributionColumns

Payroll Register Columns

Employer Paid Taxes

Getting The Data

Getting The Data

Enter =

Getting The Data

Click on Payroll Register Tab

Getting The Data

Click on Payroll Register Tab

Click on Net Paid Amount Total and Hit Enter

Getting The Data

Getting The Data

Link to Payroll Register cell AK19

Value from Payroll Register cell AK19

Getting The Data

Type =E5 and hit Enter

Getting The Data

Getting The Data

Type = and click Payroll Register Tab

Click on Admin Total and hit Enter

Getting The Data

Getting The Data

Same for the rest of the Labor Distribution Totals

Getting The Data

Now for the deductions

Type = and click on the Payroll Register Tab

Click on the OASDI total and hit Enter

Getting The Data

There it is!

Getting The Data

Same for the rest of the deductions.

Getting The Data

Now for the Employer paid payroll taxes

Getting The Data

Type = and click on the employee’s OASDI tax and hit Enter

Getting The Data

Type = and click on the employee’s HI tax total and hit Enter

Getting The Data

Type = and click on the employee’s HI tax total and hit Enter

Getting The Data

Type =0.8%* and click on the Payroll Register Tab

Click on the FUTA Taxable Earnings Total and hit Enter

Getting The Data

Type =3.5%* and click on the Payroll Register Tab

Click on the SUTA Taxable Earnings Total and hit Enter

Getting The Data

Type =SUM( and click on the first tax

Getting The Data

Type =SUM( and click on the first tax

Getting The Data

Type : and click on the last tax

Getting The Data

Type ) and hit Enter

Getting The Data

DONE!

Getting The Data

DONE!

Checking Our Work

We know the first Journal entry is balanced, the debit and credit are equal

We know the last Journal entry is balanced, the formula ensures that .

But, the second entry we ought to check…..

Checking Our Work

In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.

Checking Our Work

In the blank Description field below the last account type =SUM(E8:E20)-SUM(F8:F20) and hit enter to subtract all credits from all debits.

Checking Our Work

The 0.00 is what we want to see!

(Be sure to delete the check function afterwards)

The next step is to post the Journal entries to the General Ledger

The next step is to post the Journal entries to the General Ledger

First, let’s post to Payroll Cash

The next step is to post the Journal entries to the General Ledger

First, let’s post to Payroll Cash

The next step is to post the Journal entries to the General Ledger

In the DEBIT column, type = and click on the Journal tab

The next step is to post the Journal entries to the General Ledger

Click on the debit to Payroll Cash and Hit Enter

The next step is to post the Journal entries to the General Ledger

There it is!

The next step is to post the Journal entries to the General Ledger

Going to Cash…

The next step is to post the Journal entries to the General Ledger

Type = and click on the Journal tab

The next step is to post the Journal entries to the General Ledger

Click on the Credit amount and hit Enter

The next step is to post the Journal entries to the General Ledger

What could be easier?

The next step is to post the Journal entries to the General Ledger

What could be easier?

But, what does it do for us?

The next step is to post the Journal entries to the General Ledger

But, what does it do for us?

Click on the Payroll Register tab

Let’s give Student 4 hours of Overtime

Net Paid changes from 11,297.11 to 11,757.52

And, all of these change

And, all the way through to the General Ledger!

So, there is what you can do with Excel.

You can use, or lose; it’s your choice!