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smch
February 28, 2021
Question

Matching remittance payments

  • February 28, 2021
  • 1 reply
  • 0 views

Hi there,

I am using quickbooks payroll to calculate the source deductions. I made my monthly payment outside of QB (i.e. I calculated the amount, generated the necessary documents, and completed a transfer in my bank account).

 

On QBO, I got a notification that my taxes are still outstanding, I assume it's because I did not pay within the QBO module; so i clicked "record entry" on QBO to clear the alert. The entries are recorded in the respective liability accounts.

 

What I'm struggling with is that under my banking transactions, it shows the amount I paid out, but I can't seem to match the transaction back to the payment QBO recorded automatically for me (when i click "Find Match", the entry is not there). So it appears in my books there were two payments that were made.

 

Just wondering how to resolve this.

 

Thanks,
Simon

1 reply

Rebecca R
Rebecca R
March 1, 2021

Hello Simon,

 

Thanks for reaching out here in the Community for support on this. I love that you've been using QuickBooks Online Payroll to pay your employees and calculate your source deductions, and it sounds like you've done a thorough job of remitting this to the CRA in a timely fashion. Having the ability to correctly record this payment within QuickBooks is important, so I'd like to help you out.

 

To Make payroll tax payments you'll want to follow the steps below. If these are the steps you've followed already, then you've done a great job. However, I would recommend double-checking that you recorded your payment correctly so that we can determine why it isn't matching to the payment in your bank feed.

 

  1. Hover over the Taxes menu and select Payroll Tax.
  2. Choose Pay Taxes to view a table with your current balance and what's due.
  3. Choose the tax you want to pay and hit Record payment.
  4. Choose a payment date. Earliest indicates the next available payment date, Other allows you to specify a future date, and Latest means that it'll be processed on the due date.
  5. Hit Approve and print when you're ready to proceed.

 

You can verify that the payment was recorded in QBO by navigating to the Reports menu and running the Payroll Withholding Amount Payments report. The transaction that's been created when you recorded your payment is what you'll want to match to in the bank feeds. To do this you'll want to hit Find match if one isn't found automatically, and use the date range filter to ensure that you're searching for a transaction within the date range of your recorded payment. If you're still unable to find a match, the next step is to Exclude this payment from the bank feed.

 

To Exclude a transaction simply check it off and hit the Exclude button. This sends the transaction to the Excluded tab so that it won't be entered into your books. If you decide that you want to enter it later, you can navigate to the Excluded tab and hit Undo from the Action column. The only difference this makes to your books is that you'll have to manually select this transaction when it comes time to reconcile the account.

 

Since you recorded the payment from the Taxes menu, it's still recorded in QuickBooks. Recording it again from the bank feed would result in a duplicate, which is what you've said has happened. So, if you've already gone ahead and added the transaction from the bank feed again without a match, you'll want to navigate to the Categorized tab of the Transactions menu and hit Undo to bring the transaction back to the For review tab so that you can Exclude it.

 

Let me know if you need further clarification on this. I'd be happy to help!

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