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March 30, 2022
Question

payroll

  • March 30, 2022
  • 1 reply
  • 0 views

In the balance sheet, all the previous paychecks issued during the year are showing as liability. How to make the liability zero, since they have all been paid. 

1 reply

March 30, 2022

Hi there Maninder123, 

 

It's vital that all your transactions are entered properly in your books so that all accounts can be correctly balanced. Quickbooks Desktop is a great tool able to help you keep track of amounts of expenses, sales, assets and liabilities to see how well your business is doing. I can point you in the right direction for assistance with your liabilities.

 

In order to know how you should be moving money to make that liability have a zero balance, I recommend speaking to your accountant. They'll be able to guide you in the right choice of transaction type and which accounts to affect so that your books can be correctly balanced. You can inf an accountant that has experience using Quickbooks by navigating to our Find a ProAdvisor site.

 

If you have any other questions, feel free to reach out here.