0
DAYS
0
HOURS
0
MINS
0
SECS
Over 2.2 million customers use QuickBooks.
Sign up for a free trial!

Improved W1 tax code handling in QBO journals

By Richard McLean

0 min read

One of the great things about the integration between KeyPay and QuickBooks Online is how simple it makes preparing your BAS by correctly allocating the W1 and W2 tax codes when posting journals.

Previously, when pre-tax deductions that were being paid to a bank account were being posted to a journal, the W1 tax code wasn’t being applied and therefore had to be adjusted manually to attach the tax code.

We don’t like manual processes, so we’ve improved the journal postings from KeyPay to QBO so that the W1 tax code will now automatically be applied when posting journals for pre-tax deductions paid to a bank account.

This is only a small change, but it’s important in removing a manual step in the payroll process and ensuring an accurate BAS.

As always, if you’ve got any questions or feedback, please leave a comment or contact us via support@yourpayroll.com.au

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Making sense of income tax

What you need to report, especially at End of Financial Year (EOFY), and…

Read more

Understanding tax for trusts

A trust is an arrangement where a person or company holds assets…

Read more

Tax tips for an Airtasker

Build a profile, bid for jobs, then get hired and paid; that’s…

Read more