payroll liabilities out
US QuickBooks Premier : 2008: Contractor
my payroll liabilites are off for the year and i got refund checks what do i do now to adjust
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08/25/09 7:02pm PDT
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Mike Block CPA
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08/25/09 10:43pm PDT
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I am sorry, but you will have to be more specific. What EXACTLY do you mean by "my payroll liabilities are off for the year"?
I always tend to approach this type of problem by splitting up the year into quarters and then possibly into months. I would start with printing the 3/31/0?? returns from QuickBooks and comparing them to the numbers on the tax notices that resulted in your refunds. Remember, the taxing authority cannot see the QuickBooks file, but only compares the returns to what you paid.
I would then ask QuickBooks what I owed as of 3/31 and compare it to what I paid at that time and what the tax return shows. I would further isolate the problem by looking at only one tax at a time.
Meanwhile, I would deposit the checks to a Cash Exchange bank account. I would use this instead of an Unknown account so I could later write a check against this account as needed.
