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BethR219
October 10, 2022
Question

payroll liability payments and adjustments

  • October 10, 2022
  • 1 reply
  • 0 views

Our accountant makes our payroll liability payments and we then manually enter the liability payments into QuickBooks Desktop Pro 2021. In one pay period, accountant short paid the liability showing in QuickBooks and then they overpaid in the next period. Do I have to choose a period that encompasses both pay periods (they are consecutive) to be able to enter a custom liability payment for each of the two payments? Or is there a different way to get these payments booked?

1 reply

T
TirzahC
October 10, 2022

Hello, BethR219.

 

Once we have an overpayment, QuickBooks will detect it and will automatically lower the amount of the next liability periods by the overpayment amount. 

 

If our accountant recorded a short first payment through IRS, it's the same as how you record it in QuickBooks. Meaning, depending on how we pay our taxes is the way we should enter them into the QuickBooks Desktop (QBDT) system.

 

I also recommend reaching out to our accountant for further advice on how to properly handle your tax records in QuickBooks. This way, we can make sure that your books are accurate once you close them.

 

In addition, I've added these resources that we can use in the future about creating liability adjustments and running its report:

 

 

Let me know how else I can help you with QuickBooks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe

B
BethR219Author
October 10, 2022

The first of the 2 liability payments was an underpayment. The second payment was an overpayment to make up for the short payment the previous pay period.

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