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Misty27
Misty27
December 14, 2022
Solved

Federal taxes

  • December 14, 2022
  • 1 reply
  • 0 views

I accidentally merged the wrong accounts in quick books online causing the tax payment to show up in a different account then it was actually taken from. what do i do to correct this?

Best answer by MJoy_D

I can share additional information with updating accounts used with your federal taxes, @Misty27.

 

The option to move to another bank account is unavailable. You may consider creating a journal entry move money between accounts. 

 

Here's how:

 

  1. Go to the + New button and select Journal entry.
  2. Enter your debit and credit accounts.
  3. Click on Save and new or Save and close once you're done.

 

For more information about the debit and credit accounts that you can use, check out this article on how to create a journal entry in QuickBooks Online.

 

I also recommend consulting an accountant on what specific accounts to use to record the transaction to ensure the accuracy of your books. I've also attached some articles about tips and guides to reconcile an account: 

 

 

Let me know if you have any other questions about updating bank accounts. Let me know by leaving a reply below. Have a wonderful day!

1 reply

C
Carneil_C
December 14, 2022

I've got your back, @Misty27.

 

I have steps for you to do to update and ensure your tax payments will be posted to the correct account. I'd be delighted to guide you on how: 

 

  1. Go back to the Gear or Settings icon, then select Payroll Settings.
  2. Proceed to the Accounting section at the bottom of the page, then click Edit ✎.

     
  3. In the Paycheck and payroll tax payments, select Edit ✎. 
  4. From the Bank account ▼ dropdown, choose the account. 
  5. Tick Save and then Done.

 

Here are some handy resources you'll want to check for more details when running payroll in QBO:

 

 

I'm always ready to assist you if you have questions or concerns about managing your transactions and accounts in QuickBooks Online. Tag me in your reply, and I'll sprint back into action. Have a good one, and keep safe.

Misty27
Misty27Author
December 14, 2022

My problem is not with the current bank account because that is correct, but the past payment was made to the wrong account in quick books and I need it to be in another account so it can match in bank feeds.

MJoy_D
MJoy_DAnswer
December 14, 2022

I can share additional information with updating accounts used with your federal taxes, @Misty27.

 

The option to move to another bank account is unavailable. You may consider creating a journal entry move money between accounts. 

 

Here's how:

 

  1. Go to the + New button and select Journal entry.
  2. Enter your debit and credit accounts.
  3. Click on Save and new or Save and close once you're done.

 

For more information about the debit and credit accounts that you can use, check out this article on how to create a journal entry in QuickBooks Online.

 

I also recommend consulting an accountant on what specific accounts to use to record the transaction to ensure the accuracy of your books. I've also attached some articles about tips and guides to reconcile an account: 

 

 

Let me know if you have any other questions about updating bank accounts. Let me know by leaving a reply below. Have a wonderful day!

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