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August 29, 2023
Question

I realized i was labeling my payroll taxes with the vendor "IRS". How can i ensure the payroll tax payments were getting sent to the right place?

  • August 29, 2023
  • 1 reply
  • 0 views
My business is in texas, Payroll taxes are paid automatically and just want to ensure they're going to the right place.

1 reply

JoesemM
August 29, 2023

It's good to see you, @mhreventures, at the Community forum. I'd be happy to assist in ensuring that your payroll taxes are properly posted in QuickBooks. By doing this, you can prevent any future problems with tax filing.

 

You'll want to review your Accounting preference and double-check the account used for recording your payroll tax payments to ensure it's accurately linked to your tax liabilities. This is important for accurate tracking and reporting. 

 

On the other hand, since your payroll taxes are paid automatically, they will be posted securely to the correct state. If updates are required for your payroll accounting preferences and adjustments need to be made, I recommend consulting an accountant before modifying accounts. This is important because it will have an impact on your reports, such as your Profit and Loss or Balance Sheet.

 

Here's how:

 

  1. Click the Gear icon in the upper-right corner.
  2. Select Payroll Settings under Your Company.
  3. Choose Edit ✎ next to Accounting. 
  4. Click Edit ✎ to update a specific section.
  5. Enter the name of the account, or scroll to choose which account the transactions should go to.
  6. Tap Save, then Done.

 

 For complete details about the process, open this article: Change your accounting preferences in QuickBooks Online Payroll

 

You also have the option to generate multiple payroll reports that provide valuable insights about your business and employees. To access a comprehensive list of available reports, you can refer to this article: Run Payroll Reports. These reports can be customized to focus on specific accounts and include all necessary details.

 

If you have any additional queries about payroll taxes or anything else related to QuickBooks, I'm still available to assist you. Just mention my name or leave a remark below. Stay safe!