Zero out Payroll Liabilities in QuickBooks

by James Antonio

In this content, we will talk about the easy steps to zero out payroll liabilities in your accounting software, popularly known as QuickBooks.

Furthermore, the payroll liabilities balance report holds the information regarding the payroll items allocated to a liability account, deductions, and many company contributions.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

In a simple sense, liability is the particular amount that we are supposed to pay someone, however, we haven’t paid them yet. It is often required to zero out payroll liabilities in QuickBooks when the particular payroll liability report displays wrong accounts. If you wish to edit the wrong payroll liability report, read on.

In payroll liabilities, the amount that we are supposed to give to our employees comprises the payroll taxes. Often it is seen that business owners around the world hold the payroll taxes from their employees.

Hence, today we will talk about the process of how to zero out the payroll liabilities of a business owner via QuickBooks without fail and will also highlight some of the most common questions asked in this matter.

What are Payroll Liabilities?

Similar to other types of liabilities, Payroll Liabilities are the amount that is not paid by you; however, you owe it to your employees. This comprise of the amount of payroll tax that is held back from the employees. The amount which is tracked on the paychecks by utilizing the payroll item also added in payroll liabilities.

Here are the examples of Payroll Liabilities:

  • 401(k) contributions
  • Union dues
  • Health insurance contributions
  • Garnishments that are used for child support

Why do you Require Zeroing out the Payroll Liabilities in QuickBooks?

There is a reason why all the payroll liabilities in connection to the particular amount are required to be zeroed out. The reason is all the liabilities should be paid.

In case the net compensation that is given to the employee matches with the net compensation that are estimated in the wages payable and payroll, it should be zero out.

Errors that occur while Reconciling Payroll Liabilities in QuickBooks

Whenever you attempt to reconcile payroll liabilities in the QuickBooks application, you can experience some technical issues because of some reasons.

Here are the reasons mentioned below:

  • When the employee has received more than the original payroll amount.
  • An error message like “The file cannot be installed” or “It seems that are you going to pay your Payroll abilities”.
  • Your particular bank account may seem perfect, but in reality, it is not.
  • If the version of QuickBooks application used is out of date.

How to Zero out the Payroll Liabilities in QuickBooks?

Here are the steps to zero out the payroll liabilities in QuickBooks:

Step 1: Open your QuickBooks account and navigate to the Payroll Center. Then add a checkmark against the payroll liability for which the particular payment was made via cash or check.

Step 2: Now select the View tab or the Pay tab. It will open a liability check-up.

Step 3: Then select the expense and navigate to the account dropdown menu and then choose the expense account which you selected during the time when the payment was recorded.

Step 4: No in the particular amount section, add the negative value sum that is equivalent to the liability value.

Step 5: Select the recalculate that will turn the payroll liabilities to zero amounts.

Step 6: Select Save and close to complete.

We hope that all the information provided above has helped you to zero out the payroll liabilities in QuickBooks. However, some of you may still have some queries and need satisfactory answers for those, related to zeroing payroll liabilities in QuickBooks.

Accounting Professionals, CPA, Enterprises, Owners

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number 1800-689-5491 or chat with experts.


How can one clear out the Payroll liability sum in the particular Payroll Centre?

It is possible to clear out the Payroll liability in the payroll center. All you need to do is:

Step 1: Select on Employees.

Step 2: Then select Employee and Payroll.

Step 3: Choose payroll liability balance from the particular dropdown menu.

Step 4: Add a refund check. Or you can also add a manual bank deposit whatever the case is.

How to Reconcile the Payroll Liabilities in QuickBooks?

Reconciling the payroll liabilities in QuickBooks often becomes an important need for business owners. To do so, you need to follow certain steps and guidelines.

Here are the steps:

Step 1: First you are required to print out the particular payroll register.

Step 2: Then match the particular employee time cards in order to pay the register.

Step 3: Authenticate the salaries, pay rates, and deductions on paychecks.

Step 4: Finally, post your entries in the general ledger that should match with your particular payroll register.

How to get rid of the Paid Liabilities in QuickBooks?

In order to get rid of the paid liabilities, in your QuickBooks software navigate to the pay liabilities tab then choose the transactions from the particular payment history screen.

Now choose delete from the screen top and then select OK delete the particular payment.

Why do the Payroll Liabilities is displaying a Negative amount?

When the payroll liabilities display a negative amount, it is not a good thing. The negative amount is often displayed because of two primary reasons. The reasons are tax overpayment or the wrong tax rate. These two are the most reasons for a negative amount in payroll liabilities.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot 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.


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.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Dancing Number

Kindly Provide The Following Information To Download The Dancing Numbers.

X





    Top