Adjust changing annual liability

Forum|Forum|6 years ago
February 20, 2020
1 reply
5 views

I have a payroll liability set up for Officer's Life Insurance that is paid annually. The amount increased this year and I am unsure how to adjust the liability so I am able to pay the correct amount. For example - the payroll liability annual amount is $2400 however the invoice for the life insurance is $2900 - thus I need to adjust the liability by $500 to pay the correct amount. How do I make the liability adjustment and how will it affect the paycheck going forward since the difference is being paid in arrears?

QuickBooks Desktop Payroll

MirriamM

QuickBooks Team

Thanks for posting again here in the Community forum, Anniemac1.

To adjust payroll liabilities for the life insurance, here's what you'll need to do:

Click the Employees menu at the top and select Payroll Taxes and Liabilities.
Choose Adjust Payroll Liabilities.
Pick Employee Adjustment.
Select the employee.
Complete the Taxes and Liabilities fields.
Choose the Accounts Affected.
Tap OK.

To learn more about this process, check this article: Adjust payroll liabilities in QuickBooks Desktop.

In case you need tips in the future, visit our QuickBooks Help Articles site.

You can get back to me anytime you have additional questions in QuickBooks by posting your response below. I'll do whatever it takes to ensure your concerns are addressed.

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