Fix Payroll Liability QuickBooks?by Mohammad Sazid Blogger
Although QuickBooks payroll software is an amazing software that helps the accounting professionals to handle their day to day activities Recommended Features
Review on Fix Payroll Liability QuickBooks?What if: I find that one of my QuickBooks payroll liabilities is wrong?
To make specific adjustments follow these steps:
1. Open the Adjust Payroll Liabilities window from the Payroll Taxes and Liabilities sub-menu found under the Employees Menu
2. Enter the Date, this is the actual date of the transaction, but this date need not correspond to the Effective Date of the Adjustment selected in #3 below.
3. Select the Effective Date of the Adjustment. (Consider the ramifications of making changes for any effective date in a period where prior employment tax reports have already been prepared.)
4. If the adjustment affects a single employee related liability, select the employee from the drop down in the employee field.
5. If the adjustment does not affect an employee, but only a company paid liability, select the company (radial button) option.
6. Select the correct payroll liability item within the Payroll Item column of the Taxes and Liabilities section of the Adjust Payroll Liabilities window.
7. Enter the amount of the adjustment. A negative (-) amount will decrease the amount of any payroll liability, and a positive (+) amount will increase the amount of any payroll liability.
8. If desired, enter a notation in the Memo column to describe the reason for the adjustment.
9. Click the Accounts Affected button, then select the appropriate option; o not affect accounts, or Affect liability and expense accounts (If you select this option QuickBooks will prompt you to enter the appropriate account to offset the entry against the affected payroll liability account).
10. Click OK to save your entries.
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Created on May 26th 2020 04:57. Viewed 266 times.
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