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WebeRE
January 17, 2025
Question

Accopunting for unpaid payroll

  • January 17, 2025
  • 1 reply
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Our payroll was accounted for in QBO on Jan. 1 but our bank paid the employees on Dec. 31st and the disbursements appear on the bank statement on Dec. 31. How would I account for this difference?

    1 reply

    FishingForAnswers
    FishingForAnswers
    January 17, 2025

    @WebeRE  For payroll tax reporting purposes (W-2s, etc), the only thing that particularly matters is the paydate on the paychecks in your system. Banks allowing things to go through earlier than intended does not affect that.

     

    If you're referring to Reconciliation, even QBO should allow you to see transactions beyond the statement ending date.

     

    If you're referring to something else, please clarify.

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