Using Payroll Online
1- Incorrect contribution rate from Oct 2007-Mar 2008.
2- QuickBooks will only let me change the contribution rate as of April 2008. This doesn't create the overpayment amount in which we were refunded.
3- The GL is correct because I made an entry to accomodate the overpayment/refund, however, the payroll module is still incorrect.
How do I fix this? Maybe I can somehow over ride the dates on the Tax Listing?
I not 100% sure what your question is, but going to guess you overpaid your tax and need to record a tax refund in a way that wil reflect in your payroll.
If you overpaid your payroll liabilities, any refund checks will need to be recorded in QuickBooks Online . In order to properly affect payroll items and accounts, use the following steps to record the refund:
Go to the Employees menu, select Liability Payments Center.
Under Related Activities, click Enter Liability Refund.
Select the agency that issued you the refund and the liability period that was overpaid. Then click OK.
You will now be in the Liability Refund screen. Enter the relevant information.
Make sure to enter the amount in the appropriate tax line under the Refunded Payroll Liabilities box.
If any fees were refunded, enter and associate them with the appropriate expense accounts in Refunded Fees.
Select whether you want the refund to be deposited directly into a checking account or to be grouped with other undeposited funds to be deposited at a later date.
Click Save.
Note: When payroll liabilities have been overpaid, the liability balance becomes negative. Depositing this refund has the effect of increasing the liability balance, bringing it back to zero.
I hope this information was helpful, you can find it in our exteranl Knowlege Base # 1531, found at http://oe.quickbooks.com/_bb/s... click get answers now.
We are having the same issue. We received a refund check for overpayment but the liability accounts never actually shows a negative balance because the payments were based on an incorrect tax rate, therefore it doesn't actually show an overpayment. Since you cannot backdate a tax rate, when you put the refund in, it just increases the liability by the refund amount showing you owe that much more even though technically you overpaid. The liability account needs to be adjusted to reflect the difference between what the rate in in QuickBooks showed, and what the actual rate should have been.
If you use the refund liability through the liability payment center, it does not let you adjust for this difference. Is there a journal entry that can be done to manually make this adjustment? And what account would you possibly adjust to?
I have the same issue. Any help is very much appreciated!
