In this article you will learn how to create a Payroll Summary Report to get the amount on the payroll item that needs adjustment. To know more call Quickbooks Payroll Support.
• Click on Employees
• Select Payroll Taxes and Liabilities
• Select Adjust Payroll Liabilities.
• Choose the correct Effective Date.
o Assisted Payroll:
1. Use the last day of the affected quarter for the previous quarter.
2. Use the same date as the last paycheck for the current quarter.
o In case of Basic, Standard or Enhanced Payroll it should be the same date as given on the last paycheck of the affected quarter or today’s date that affects current Quarter only if doing an adjustment.
• Click the Payroll Item column In the Taxes and Liabilities section and then click on the correct payroll item.
• In the corresponding field insert the amount of adjustment (To increase the amount of the liability positive and to decrease the amount of the liability negative).
• To note what the adjustment is for use the memo column. Note the adjustments for future reference.
• Click on Next Adjustment if you have additional employees and the again perform the steps for every employee affected. (Make sure that you change Effective Date in the Employee Name fields.)
• To save your entries click on OK if there are no additional employees.
• To verify that the totals are now correct, review the payroll summary report.
Payroll Summary Report
o Run the Payroll Checkupif you are using Basic, Standard, or Enhanced.
o Please contact Quickbooks supportif you are an Assisted Payroll customer and complete these corrections. You can also do it if you need to do an adjustment for payroll liabilities affecting payroll taxes.
• Send a zero payroll if you have assisted payroll to transmit your changes to the payroll service.
• The Payroll Liability Balance Report will show negative balanceif a Liability Check had already been created for the old payroll item. The new item as a result of the adjustment will show positive balance.
Follow these steps to fix the Payroll Liability Balance Report and the Liability Check:
1. In your payroll Bank Register locate the liability check that you have already created for an old payroll item
2. Right click on the item
3. Select Edit Liability Check.
4. Replace the old payroll item with the new oneunder the Payroll Liabilities tab.
5. Select Save & Close and then click on Yes to the message that mention about recording changes.
To know more on how to create a Payroll Summary Report to get the amount on the payroll item that needs adjustments in QuickBooks call on Quickbooks payroll support. Also, you can write us at firstname.lastname@example.org. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbooksupport.net.