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Jan 5, 2021 9:12 PM UTC
Question

I have to adjust the tax liability acct by 2 cheqs. Cant delete the cheqs so what entry do i do to reverse those tax amounts from the monthly remittance amount to match?

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1 reply

PatriciaT
Jan 6, 2021 12:40 AM UTC

Hi info1442,

 

Welcome to the community family! I'm glad to hear you're using Online Payroll to help you produce accurate payroll tax reports and remittances you need to pay. Sometimes it's necessary to review and adjust entries in your books, and I want to make sure you have everything you need to complete your task.

 

When it comes to whether to record a transaction or not and which type of entry to chose in your books, your accountant is the best resource for more information and proper guidance. For that matter, I'd strongly encourage you to reach out to your accountant to ensure that everything's lining up correctly for your business needs. You can easily invite an accountant to your books or find one in your area. Just head to the My Accountant tab to get started, then select Find a pro to help. 

 

In case your accountant recommends a journal entry to adjust various accounts, here's an article to assist both of you: Create a journal entry in QuickBooks Online

 

I hope this helps! Let me know if you have more questions.