How can I reconcile my bank withdrawals with my 7shifts Payroll reports?
Question
How can I reconcile my bank withdrawals with my 7shifts Payroll reports?
Answer
When you submit payroll through 7shifts Payroll, specific amounts are withdrawn from your linked business bank account to cover taxes and payments. To reconcile your bank statement, look for withdrawals that match the combined totals of taxes and direct deposits from your payroll run.
7shifts Payroll withdraws the following amounts:
- 7shifts Payroll withdraws all Employee (EE) taxes, including federal, state, and local taxes withheld from employee paychecks.
- 7shifts Payroll withdraws all Employer (ER) taxes, which include your portion of Social Security, Medicare, and unemployment taxes.
- 7shifts Payroll withdraws all direct deposit payments to cover the net pay amounts deposited into employee bank accounts.
Note: 7shifts Payroll withdraws tax amounts regardless of whether the employee is paid via direct deposit or manual check.