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R
rkkt
July 7, 2020
Question

Reversing a taxable company benefit

  • July 7, 2020
  • 1 reply
  • 0 views

I set up a taxable company contribution to add the cost of bringing a spouse to a company event to the employee.  I added too much to one of the employees and now I would like to reverse it.  I tried inputting it as a negative number on a future pay check but QB will not allow it.  Would anyone know how to reverse this?

1 reply

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Nick K
July 7, 2020

Hello rkkt,

 

Making sure your taxable company contributions are entered correct is important in making sure your payroll liabilities stay accurate. I can point you in the right direction for this.

 

If the paycheque has not been cashed yet then i would suggest deleting the paycheque and creating a new one with the correct information. You can run an unscheduled payroll by following the steps in this link. If the Paycheque has already been cashed however, you would need to contact your accountant on exactly how to correct that in your payroll. If you don't have an accountant at this time we have you covered. You can go to our find an accountant page and find one in your area.

 

Once your accountant tells you how to adjust the amounts we can help get that entered into your books.

 

Have a good night

R
rkktAuthor
July 8, 2020

Thanks Nick,

The cheque has been cashed.  The accountant doesn't do the day to day stuff.  What I want to do is put a negative amount in the contribution to reduce the amount out of his pay.  Quickbooks won't let me put a negative in.  I'm pretty sure there used to be an override like F3 or some other F key that I used in these sort of things.  Is there an override key anymore?

If not I'll figure out another way.

Thanks,

Karen 

R
rkktAuthor
July 8, 2020

I just made a new payroll deduction item that was set up the same as the company contribution. I'll just use that account to reduce the over pay.

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