Know How to Reconcile Payroll Liabilities in QuickBooks
When you use QuickBooks, there are a lot of questions that can trigger your mind for sure and ‘how to reconcile Payroll liabilities in QuickBooks’ is one of these. The payroll liabilities are one of the options which can help users to pay taxes and keep an eye on the entire Payroll Department. If you want to find an answer to the above question, just read the entire blog post and get fix your issue within the least possible time.
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Explore and Find How to Reconcile Payroll Liabilities in QuickBooks?
Follow the steps to perform the task:
Open Reports menu then click on Employees and Payroll option followed by Payroll Item Listing View all the Expense and Liability Account columns and verify that all the accounts are correct or not for each payroll item which is mentioned
(If you find that the account is incorrect, click on the account name and open/edit the payroll item as per your requirements)
- Now click on Next option
- Edit the account details and click on Next
- Wait for the process to complete
- Choose an option and click on Continue
- Now update all existing transactions
- Click on New balance sheet and Open the report and check the report is solved or not
Step 2: Now Correct Your Account Details
- Open Employees menu and Click on Payroll Taxes and Liabilities
- Click on Adjust Payroll Liabilities
- Click on Previous Adjustment button and find the specific adjustment that is affecting the report
- Hit the Accounts Affected button
- Choose Affect liability and expense accounts then click on OK
- Click on OK button and save the transaction
- Select OK
What are the Payroll Garnishments?
We can divide this option as the following:
- Child support, spousal support, and medical support
- Federal debts such as Student Loans and AWG
- Federal and State Tax Levies
- What are the Steps to Print Quarterly Wage Reports?
Follow these steps to perform the task:
- Open QuickBooks program
- Click on Employees under section Payroll Center
- Go to File Forms Tab and Click on View/Print forms & W-2s.
- Provide Payroll PIN then Click on OK
- Back to Payroll Tax centre and click on Filed Forms from the upper-left corner
- Choose the forms you want to view or print
After reading the entire post, now you know Payroll liabilities in QuickBooks, deal with the issue and fix it on your own anytime. However, you may get in touch with the experienced team through (844)-888-4666 and counter the blunder shortly.