At the present time, Buildium does not offer an integrated payroll service. If you wish to record payroll, you can do so using the guidance below.
To record payroll:
Add the appropriate withholding accounts to your chart of accounts.
These accounts include, but are not limited to:
- Federal tax withholding (long-term liability)
- State tax withholding (long-term liability)
- Medicare (long-term liability)
- Social Security (long-term liability)
- 401(k) or other retirement plans
- Insurance plans and flexible spending accounts for employee transportation or medical costs
- Add your employee as a vendor.
Record a check, payable to the employee. To record the line item withholdings, use negative numbers to reduce the total of the check.
For example, the line items in a check might be:
|Federal Tax Withholding Liability||-$250|
|State Tax Withholding Liability||-$150|
|Social Security Liability||-$20|
|FSA - Health||-$30|
Note: When recording a payroll transaction in Buildium make sure to connect the correct entity to the check you create.
As part of their monthly condo fees, the Whispering Pines association pays Jim Smith for his bookkeeping work through a payroll transaction.
My company sends payroll checks to the entire office staff on a bi-weekly basis.
Choose the correct entity from your Company or Property drop down menu when recording your payroll check according to who is paying the employee.
Want to learn more about company financial tracking in Buildium? Please see this article