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Adjust Payroll Liabilities in QuickBooks in Very Simple Ways | Account cares

by Account Cares QuickBooks Services Provider Company

Adjust Payroll Liabilities in QuickBooks


Sometimes, QuickBooks users make certain mistakes or forget about details and end up having to adjust payroll liabilities in QuickBooks. If you also want to know how to fix the liabilities in your QB software, then keep reading this article.

Here you will learn how you can make use of a simple way to rectify the YTD or Year-to-Date of employee-related data. Such information is generally stored in a variety of payroll items like company contributions, deduction items, and employee addition.

 

Before we move further, you need to run the Payroll Checkup program if you are using Basic, Enhanced or Standard Payroll for QB. When you have done that, you can create a Payroll Summary Report just remember to change the date range on this report to the date for which you want to make a change. For example, if the date falls in the second quarter, then the date range on your report has to be from 04/01 through 06/30. 

 Manual Payroll in QuickBooks.

Don’t forget to note the amount of the payroll item for which you would like to make an adjustment. When you are ready, pick the Adjust Payroll Liabilities option from the Payroll Taxes and Liabilities section of the menu item named Employees. These are important steps for doing Manual Payroll in QuickBooks. 

When it opens, simply type in the date for which the particular adjustment is being made in this case. Ignore the date already entered by QB as it will most certainly be different from the date that you want your adjustment to be effective from. If you skip this step, then your adjustment will not take place as you wanted.

 The next section will be changed according to the version of QB payroll that you are using as the steps are different in case of Assisted Payroll. You have to enter the correct date in the Effective Date field - this is the date at which the adjustment you are making here will affect the liability balance. It is usually the same date as the one on which you had issued the last paycheck of the related quarter. 

In case you hadn’t changed the quarter before just set today’s date in this column. You also have to select the employee or employees for which you want to adjust payroll liabilities in QuickBooks. You next have to choose the right Payroll Item from the drop-down list that appears in the Taxes and Liabilities section.

 

The next thing to do is to enter the amount that has to be adjusted, which you can do in the Amount column. If you have to increase or decrease the amount, enter a positive or negative number respectively. You may be asked to create a paycheck in case of positive adjustment to be made for one or more employees. 

Any notes to remind yourself about the nature of these adjustments can be typed in the Memo field. This is not compulsory but can be helpful in case you forget something in the future. If you want these changes to affect certain or all accounts for liabilities and expenses, then choose the Affect liability and expense accounts option. Otherwise, select the Do not affect accounts option. 

Now, you can either save your entry or add more entries to this one if you have to make adjustments for more than one person. Click OK once you have completed making all of the changes. 

For more steps, refer to the full blog on the Account Cares website. In case of queries, call us or leave a comment on the Article.


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About Account Cares Innovator   QuickBooks Services Provider Company

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Created on May 6th 2019 08:09. Viewed 549 times.

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