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THISisPAINFUL1
April 1, 2022
Question

QB mapped Direct Deposit and taxes to incorrect bank account, but took funds out of correct bank out

  • April 1, 2022
  • 2 replies
  • 0 views

Quickbooks Online

I have two active Bank accounts - CHASE (linked with QB) and HSBC (not linked)

In February 2022 I started paying payroll out of the CHASE account. (HSBC account was deleted from Payroll Bank settings) Funds for paychecks and taxes have been correctly paid out of CHASE account ever since. However the Accounting section was not corrected until late March.  So payroll and taxes were mapped to the HSBC account putting the balance off on paper. Additionally, it resulted in double payments in the Liability registers for Direct Deposit, Federal Taxes, NYS Taxes.   THIS ISSUE HAS MAJOR IMPLICATIONS FOR EMPLOYEE TAXES.    @books11249 DEVELOPMENT TEAM / @COMMUNITY what is the solution to correct the mapping of past payments to correctly reflect which account they were deducted from?  No funds were deducted from the actual HSBC account so a Journal entry or Transfer solution will not correct the issue.   Thank you for your help! .shannon

2 replies

MaryLandT
MaryLandT
April 1, 2022

Hi there, THISisPAINFUL1.

 

You can correct the posting account for liabilities and expenses, but not the bank account. 

 

You may need to enter the payroll checks manually as journal entries so you can use them to reconcile the account.

 

You can either combine all of the employees' paycheck totals into one journal entry or create a separate transaction for each employee. To make sure the amounts are accurate, you can run a payroll report (Payroll Summary, Payroll Summary by Employee, or Payroll Details) for reference.  

 

Here's how: 

 

  1. Click + New on the left panel.
  2. Select Journal Entry.
  3. Under the Journal date, enter the paycheck date.

For more details about how to enter the debits and credits for wages and taxes, as well as a sample paycheck, please check the following article: Manually enter payroll paychecks in QuickBooks Online.

 

For your expenses and liabilities, the steps below to update your payroll accounting settings for your taxes.

 

  1. Go to Settings ⚙, then Payroll settings.
  2. Click Edit ✎ next to Accounting. 
  3. Select Edit ✎ to update a specific section.
  4. Choose which account the transaction of the specific payroll item should go, then Continue.
  5. Click Edit ✎ next to Want to update existing transactions, then add a Start Date, then Done.
  6. Click Done.

 

I'm also adding this article for more details when you select another bank account: Learn how to change your payroll bank account info.

 

After making some changes to your payroll preferences, you can start running payroll again to pay employees.

 

Let me know if there's anything else you need by commenting below. I'll be around to help manage your payroll preferences.

T
THISisPAINFUL1Author
April 1, 2022

Thanks for replying MaryLand T.

 

Let me clarify, I have reconciled both HSBC and CHASE accounts through February. 

PAYROLL is being paid CORRECTLY out of CHASE account and being DEDUCTED from CHASE.

BUT QB mapped the details of the payroll/tax transactions to HSBC.

The record under CHASE appears as an expense rather than a DD (for Direct Deposit)

The record under HSBC appears as a DD and includes all the payroll details, but the transactions DID NOT occur. No funds were withdrawn from the HSBC account so the balance reflected in QB does not accurately reflect the HSBC balance. A journal entry will direct QB to move funds but the funds were never withdrawn from HSBC in the first place.

 

under the ACCOUNTING TAB there is a caveat noting they don't change bank accounts which is the account I need changed so the payroll/tax transition is matched correctly with the withdraw from CHASE.  

 
I am trying to figure out how to connect the Payroll/tax details with the actual transaction that occurred in CHASE? Make sense? 
 
Image 4-1-22 at 7.46 AM.jpeg
Rose-A
Rose-A
April 1, 2022

Hi, THISisPAINFUL1.

 

While the Community can provide answers and troubleshooting solutions to certain questions, there are things that only our QuickBooks Support can do to resolve the problem.


To get this sorted out, I'd suggest getting in touch with our Payroll Specialists to have this investigated. A phone agent has the appropriate looks, like screen sharing, and helps you with correcting the payroll mapping in QuickBooks

 

.All payroll-related concerns are directed to our phone support for security purposes. To ensure we address your concern on time, check out our support hours. Here's how to contact us:

 

1. Click the Help (?) icon.

2. Choose Contact Us.

3. Enter a  brief description of your situation in the What can we help you with? area, then click Let's talk.

4. You'll be presented with a few options for connecting with Intuit. Select Get a call.

 

As always, feel free to visit our Help articles for QuickBooks Online in case you need tips and payroll-related articles in the future. 

 

Additionally, can you please provide another screenshot? The image you attached seems to be corrupted. Any extra information would be highly appreciated.

 

If I can be of help while working in QuickBooks payroll, feel free to let me know by adding a comment below. I'd love to help.

M
MAI86829
June 6, 2023

Was anyone able to get a response from them? We are having this exact same issue and there is just no way that a JE is the way to "fix" this. Also extremely concerning the responses from intuit help have been this horrific and unhelpful. I never had these issues with their desktop edition.

K
Kurt_M
June 6, 2023

Hello there, @MAI86829.

 

I can see the urgency of this matter, and I'm here to point you in the right direction to get this sorted out as soon as possible. Know that you can reach out to your accountant if you're unsure of the recommendation provided by my colleague. This way, they'll be able to give you a more efficient way to handle this situation and ensure all numbers are accurate inside your QuickBooks Online (QBO) company.

 

If you don't have an accountant, I can help you find one. Feel free to visit this page to find an accountant for your business: Find a QuickBooks ProAdvisor.

 

Moreover, after settling this one, I'd highly recommend running reports. You can check this article for more details: Run reports in QuickBooks Online.

 

@MAI86829, The Community space is open 24/7 if you have any additional QuickBooks-related questions or need assistance accomplishing goals inside the program. Please don't hesitate to post here again. We've got you covered. Stay safe, and have a nice day!

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