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How to Adjust Payroll Liabilities in QuickBooks Online?

Just like any other liabilities, payroll liabilities are certain amounts that are not being paid by you but you owe […]

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Just like any other liabilities, payroll liabilities are certain amounts that are not being paid by you but you owe it to your particular employees. This also comprises the amount of payroll tax that is kept from the employees.

Let’s learn more about the importance of adjusting payroll in QuickBooks Online.

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Why it is Important to Adjust Payroll Liabilities in QuickBooks Online?

Liability adjustments for payroll in QuickBooks Online are required for multiple reasons. Prior to going for payroll liability adjustment in QuickBooks Online, one must know why you need to adjust the liabilities.

Here are the primary reasons to adjust the payroll liabilities in QuickBooks Online:

  • Liability adjustment can be utilized for additions, deductions, and YTD wages for those employees who will not get additional paychecks.
  • To solve the Health Insurance Company setup with the right tax tracking type.
  • To rectify the company contributions items amount, for instance, 401k company match or Health Savings Account.

How to Adjust Payroll Liabilities in QuickBooks Online?

Businesses may require to edit the payroll liabilities for several reasons. If you are utilizing QuickBooks Online and need to adjust the payroll liabilities, the steps given below can be used. In simple words, you need to run the Payroll Summary and edit the date or amount in the payroll liabilities.

1. Run the Payroll Summary Report

First, you need to make the Payroll Summary Report so that you can locate the items that have been paid out. Then, you can make edits to the amount along with the date and correct the liability amount. Following are the steps to run the Payroll Summary Report in the accounting software QuickBooks Online:

Step 1: Choose the Report menu.

Step 2: Now look for the Payroll section.

Step 3: Now press on the Payroll Summary.

Step 4: Now, after this, you can edit the date range. You can do it with the help of the drop-down menu.

Step 5: Now, you can select the employee.

Step 6: Press on Run Report.

2. Edit the Payroll Liabilities

Step 1: Press on the option that says, Employee.

Step 2: Now, choose the Payroll Liabilities menu.

Step 3: Press on the option Adjust Payroll Liabilities.

Step 4: Navigate to the Date field and add the date for whom you are doing the adjustment.

Step 5: Now, press on the section of Effective Date. After that add the date you want.

Step 6: Select Employee for the field that says Adjustment is for.

Step 7: Now pressing on the drop-down, you can choose the employee name.

Step 8: Now, navigate to the Item name area.

Step 9: Choose the related payroll item for the option Taxes and Liabilities.

Step 10: Now press on the section Taxes and Liabilities. Here, you will see the Item Name column.

Step 11: Here, you can choose the related Payroll items.

Step 12: Now, enter the amount for the adjustment.

Step 13: Now you can select the Accounts Affected and press the button for OK.

Step 14: You need to make sure of certain things like:

  • Select the option Do not Affect Accounts. This will not alter the liability and expense accounts balance. The adjustment, however, will edit the YTD amounts that are on the payroll reports.
  • Also, press on the Affect Liability and Expense accounts. This will help to include the adjusting the transaction in the liability and expense accounts.

Step 15: For other employees, if needed, you can perform the same steps.

Step 16: When completed, press the button that says OK.

When all the steps given above are completed, you can make the liability adjustment in QuickBooks Online without any trouble.

Following the steps given above will help you fix your problem for good. Just make sure you follow them in the given sequence.

Adjusting payroll liabilities is important for business. When companies wish to make changes in year-to-date or quarter-to-date of the employee, then the right payroll adjustment is important.

Still, if you are confused about payroll adjustment and how to edit them in QuickBooks Online, then you can connect with industry experts like us.

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Frequently Asked Questions (Faqs)

How can You Delete the Payroll Liabilities Adjustments in QuickBooks?

In a Payroll centre, you can find the tab that says Pay Liabilities from the given drop-down menu. There will be a connection that says Adjust Payroll Liabilities, if you have clicked on that particular connection, then add your click on the button that says Previous till you get the liability to edit.

How to Reduce the Payroll Liabilities?

To minimize the burden of the payroll tax rate of an organization you can follow the options like: you can provide tax-exception advantages instead of additional cash. Even if you require to compensate employees with bonuses, rewards or any kind of raises, consider tax-exemption.

Can Payroll Liabilities be Zeroed Out?

All the liability accounts records must be zeroed out for long, because they must be paid. If the employees are paid net compensation, they coordinate with the particular net compensation that has been calculated in the payroll and after that, the wags payable record will eventually zero out.

What are the main Reasons for issues in Payroll Liabilities in QuickBooks?

Here is the list of the reasons for issues in Payroll Liabilities in QuickBooks:

Incorrect liability payment date
Wrong account number for tracking present liability
Issues in Payroll liability balance report
Corrupted data in the company file
The version is not updated
The paycheck is deleted or voided. This leads to a liability
While accessing an account that is inactive

How to Add Tax Liabilities in QuickBooks?

Here are the steps to add Tax Liabilities in QuickBooks:

Step 1: Select the Payroll Center from the given Employees menu.

Step 2: Now, navigate to the Pay Liabilities section.

Step 3: To edit your payment technique, choose Change Payment Method which is in Other Activities.

Step 4: The foremost thing to do is to choose the tax liability that you are trying to schedule or edit.

Step 5: You will require to add the information after choosing Edit.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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