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what are the Best steps to adjust payroll liabilities in QuickBooks
Every other business across the globe uses QuickBooks accounting software; this software is incredible when it comes to managing a business. Sometimes users might go through the overdue liability. So, in this tutorial, you will learn about how to adjust payroll liabilities in Quickbooks.
Steps to adjust payroll liabilities in QuickBooks
Mentioned below some of the steps to adjust payroll liabilities in Quickbooks. Follow the given:-
- The first step is to go to the Employees menu, choose Payroll Taxes and Liabilities, and select Adjust Payroll liabilities.
- Use the same date, the one you used for the paycheck of the affected quarter. Use the latest or today’s date if you have to work on the recent quarter.
- Choose the type of adjustment you want to make, employee or company.
- Select the employee.
- Complete all your taxes and liabilities fields by following:
- Choose the item name you are willing to adjust.
- Fill in the amount of the adjustment. Make sure you use a positive number in order to increase and use negative to decrease the amount.
- The wage base is not needed; it is rare even when a user overrides a tax amount on a paycheck.
- While making a Wage base adjustment, only use Income Subject to Tax.
- Also, you can use a Memo field to enter a note about the adjustment for your future concerns.
- Now, choose Accounts Affected and then click on OK.
- You can repeat the same process for other employees if needed and then click on OK.
Here is the end of the tutorial to adjust payroll liabilities in QuickBooks.
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