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L
LandS
February 17, 2019
Question

How do I enter into QBO Payroll, bank payments to NEST pensions ?

  • February 17, 2019
  • 1 reply
  • 0 views

I am reconciling the bank account, and a payment has been made to NEST Pensions. How do I post the transaction to QBO ?

Thank you.

    1 reply

    Kristine Mae
    Kristine Mae
    February 17, 2019

    Hello there, LandS.

     

    You'll have to create an expense transaction, then use the NEST pension liability account.

     

    Here's how:

    1. Click the Plus sign (+) icon.
    2. Choose Expense/Cheque.
    3. Fill in the necessary fields.
    4. Click Save and close. 

    You're always welcome to post in the Community if you have other concerns. Have a nice day! 

      L
      LandSAuthor
      February 18, 2019

      As I thought.

      I was hoping you we're going to give me a different answer, as the payment doesn't match my liability, and I must have another issue to fix !

       

      Thank you 

      R
      Rasa-LilaM
      February 18, 2019

      Welcome back to the Online Community, LandS.


      I’m here to clarify why the payment doesn’t match to your liability.


      This can happen if you’ve over or underpaid the NEST payment. If the amount is greater than the liability, you’ll have to check whether the payment will be refunded back or applied to the next period's payable.


      This information is important for how you record the transaction. You can make a bank deposit if you will receive a refund.

       

      Here's how:

       

      1. Go to the Plus icon at the top, then select Bank Deposit.
      2. Select the appropriate account.
      3. Enter the date.
      4. In the Add funds to this deposit section, fill in the necessary fields.
      5. Click on Save and close.
         

      Then, create an expense if you’re going to apply it to the next period. Please follow the steps provided by @Kristine Mae.

       

      For underpayments, you have the option to either pay the remaining amount or wait for the next payroll run. Once paid, you're now able to match the transaction to your liability.

       

      To visually guide you through the steps, check out this article: Add and match downloaded bank transactions.

       

      The information I provided should keep your records in tiptop shape.

       

      If you have additional questions or other concerns, please let me know by posting a comment below. I'll be around to answer them.

       

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