In today’s busy world and with ever-changing payroll tax regulations and laws, many companies are electing to outsource payroll processing to various third-party payroll processors. However, the related financial data such as the payroll expenses, payroll taxes, employee benefits, and the payment amounts still needs to be in QuickBooks to provide accurate data on the company’s financials.
If your company has a lot of different payroll expense types, benefit types, or departments, the journal entry needed to be entered into QuickBooks can get quite long. In addition, with so many lines to enter, it is very easy to cross accounts and amounts or suffer from the age-old “fat finger entry” that then affects your company’s financial accuracy.
Transaction Pro is used by many companies to import these journal entries, speeding up the process and reducing errors, assuring accurate payroll financial information in QuickBooks. Most third-party payroll providers provide their clients with an electronic download of the payroll journal entry. This file can be mapped with Transaction Pro Importer to import the journal entry into QuickBooks with the click of a few buttons. Once the map is created, the saved map can be used over and over if the file layout does not change.
If your payroll processor provides you with an IIF file layout, ask if another format can be provided such as Excel or .CSV. However, if they do not offer these file layouts, you can open the IIF file in Notepad, remove the header and footer information, and save the file as a .TXT file type, allowing you to import the file into QuickBooks Desktop (QBO cannot import .TXT files) with Transaction Pro Importer.
Save time by importing your payroll journal entries. To learn more about importing payroll, reference our detailed articles in our Knowledge Base about importing payroll journal entries into QuickBooks Online and QuickBooks Desktop and email firstname.lastname@example.org with any questions.