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Big-Al
October 28, 2022
Question

Paying a portion of a liability ...??

  • October 28, 2022
  • 1 reply
  • 0 views

First, I am new how QB handles Payroll Liabilities.  I have some documentation and am reading up on it, but I also need to do something now, before I can get through the documentation.

 

My predecessors failed to make the FUTA deposit for the 1st quarter.  We have not accumulated $500 due in the 2nd and 3rd Qtrs combined, so I need to deposit the amount for Q1.  I have done so via EFTPS.  In the Payroll section, Pay Taxes & Other Liabilities, the liability for 940 says it is due 1/31/23 and shows the total accumulated due (Q1+Q2+Q3+Q4-to-date).  Am I wondering, if I "pay" the 941 and adjust the Amount to the deposit I made, will I be wiping out the total amount shown?  I want to pay the deposit amount and leave the remainder that is legitimately due.  If I just do a "Write check" to pay the deposit amount, will that change the amount because the GL liability account is reduced?  

 

As always, I sincerely appreciate the help from people on this forum.  Thanks in advance.

1 reply

Candice C
Candice C
October 28, 2022

Hey there, @Big-Al. 

 

It's great to see you back in the Community. I'd be more than happy to share some insight into your situation. 

 

To learn more about Payroll Liabilities and how QB handles them, review this guide listed below. There's also some helpful steps to correctly adjust them.

 

Adjust Payroll Liabilities in QuickBooks Desktop Payroll

 

In the end, if you want to be sure about amounts and other details, I recommend consulting with your accountant. They'll be able to give you the best advice based on your business specifically. 

 

I hope this helps. Come back if you have any other questions or concerns. Wishing you and your business continued success! 

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