How do I Adjust Payroll Liabilities in QuickBooks Online
There are many reasons why a company might need to edit Payroll Liabilities in QuickBooks Online. If you want to know how to adjust payroll liabilities in QuickBooks Online, go through the steps in this article. You may also get in touch with the QuickBooks payroll support team of Contact Payroll.
Effortless Steps for How to Adjust Payroll Liabilities
Mentioned below are some of the effortless steps for how to adjust payroll liabilities in quickbooks.
1) Produce a “Payroll Summary Report” to know the amount on the payroll item that requires changes. Edit the date range on the “Payroll Summary Report” as per the effective date on liability corrections.
2) Select “Employees” and go to “Payroll Liabilities. ” Now click on “Adjust Payroll Liabilities.”
3) In the Date box, input the date for which adjustment is necessary.
4) Type in a desired date in the “Effective Date” section.
5) Select Employee for “Adjustment is for section.”
6) From the drop-down list, choose the employee name.
7) Click on the “Item Name” column and choose the relevant payroll item in the “Taxes and Liabilities” section.
8) Now, access the “Taxes and Liabilities” filed. You will see the “Item Name” column. Now, choose the relevant payroll items.
9) In a corresponding box, make an entry of the adjustment amount.
10) Select the field “Accounts affected” and tap on “Do not affect accounts." You may also choose “Affect liability and expense accounts” depending on the adjustment.
11) Now, select “OK” to close and save the “Affect Accounts” section.
12) Tap on “OK” once again to record the adjustment in the QuickBooks Online solution.
Follow the above steps to know how to adjust payroll liabilities in QuickBooks Online. QuickBooks payroll support from Contact Payroll is also available for expert assistance.
Often employers may want to change the year-to-date (YTD) data of an employee in QuickBooks Online. If you are a payroll executive, you need to know how to adjust payroll liabilities. You may also contact QuickBooks payroll support at Contact Payroll for expert consultation.