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Dec 11, 2021 7:28 PM UTC
Question

How to create reports for SCorp taxes with Quickbooks? How to make sure all expense categories match?

Why some bank transactions not given an option of being a Liability (expense) Lets say i transfered money from savings to checking to pay an expense, what type of transaction would it be?

1 reply

Dec 11, 2021 10:00 PM UTC

Thanks for reaching out to the Community, nagornaya-hotmai.

 

Let me share some information with you about your concerns on the transactions in QuickBooks Online.

 

QuickBooks Online will only rely on the information sent by your bank, which is why some transactions may not have an option of being a Liability (expense). Moreover, to ensure all expense categories match, you'll have to verify the date, the amount, the payees, and the bank account on the payment. But, if you're referring to a specific expense category, I suggest consulting your accountant for guidance. This is to ensure the accuracy of your books. 

 

Regarding S-Corp taxes, you can run a payroll report to check the details of your employees. I suggest you use the Payroll Summary by Employee report to view a comprehensive report of wages, deductions, and tax info. 

 

Drop a comment below if you have other questions, @nagornaya-hotmai. I'm more than happy to help. Take care!