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traydog33-jt
April 15, 2021
Question

Payroll Tax liabilities vs Payroll Tax expenses

  • April 15, 2021
  • 1 reply
  • 0 views

Hi, we are trying to reconcile after recently syncing the bank accounts to quickbooks and subscribing to payroll. Our tax payments are syncing up twice, once as an expense and once as a liability tax payment. How do we fix this and which account do the payments actually belong in? 

1 reply

J
JonpriL
April 16, 2021

Hello @traydog33-jt,

 

Normally, you'll only need to review and match one in any of your downloaded transactions if both have the same amount and date.

 

In your case, you'll have to categorise either the downloaded liability tax payment or the expense depending on the corresponding payroll transaction and exclude the other one.

 

That said, here's a couple of articles you can use to review and categorise your downloaded bank transactions:

 

 

Meanwhile, I'd recommend contacting your accountant for guidance in choosing the account to use for your transactions.

 

Also, here's a reference with a compilation of articles you can use while working with us: Banking with QuickBooks Online.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

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