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A
AMEPCNI
January 19, 2024
Question

PAYROLL TAX MATCH WITH BANK TRANSACTION

  • January 19, 2024
  • 1 reply
  • 0 views

Hello!

 

I am having trouble matching a tax payment with the bank transaction.

Under Payroll Liability I mark as paid through quickbooks, select the Bank from which the transaction was made and the correct date.

Then I go to Bank transactions to match the debit to the tax payment under "find match" and no match appears. How can I classify this transaction?

 

ps I have tried many times to connect to the chat, but no one has ever answered there.

1 reply

R
Rasa-LilaM
January 19, 2024

Thank you for dropping by the Community today, AMEPCNI.

 

Organizing your entries and placing them in the correct category is key to a smooth account reconciliation process. Let's work together to help you find a suitable match for the payroll liability payment.

 

QuickBooks scans your bank data to find matches, rules, and recognized transactions. You can then review them and match the bank feed entries with existing ones in your company.

 

Also, some transactions can’t find their match from existing records because of the following reasons:

 

  • The transaction is older than 6 months.
  • The dollar amount in QuickBooks is different than what cleared the bank.
  • The transaction type is different in QuickBooks than at the bank. QuickBooks wants to match a check with a check and an expense with an ACH or debit/credit card swipe.
  • The transaction was recorded in a different bank account.
  • The transaction from the bank is a payment/ deposit of two or more open transactions in QuickBooks.

When searching for matches in the Find match section, payroll liabilities are not usually shown. Instead, you'll only find the checks. Please know that before you can match them in QuickBooks Online (QBO), you'll need to settle the liabilities by making the necessary payments.

 

Here's how:

 

  1. In your QBO account, click +New and select Check.
  2. Choose the Payee from the dropdown.
  3. From the Bank account dropdown, select the account the entry withdraws money from.
  4. Fill in the remaining fields.
  5. Press the Save and close button. 

 

Now that we've completed these steps, let's proceed to compare the entries. If you come across any difficulties while reconciling your account, I have a range of resources available that provide solutions to address these issues:

 

Should you have any other concerns or questions about matching your payroll liabilities, click the Reply button and post them in the field box. I'll get back to assist you further. Have a great weekend ahead, AMEPCNI.

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