Hi SG91,
I'm glad to hear you're using QuickBooks Online to manage your payroll taxes. I know how important it is to ensure your books are accurate and matches your statements. I'll be happy to assist you with this.
The Payroll Tax Centre is one of the most powerful features in QuickBooks Online Payroll. It provides accurate tax payments due you can rely on as these are based on the payroll data you have in the system. A good practice to record tax payments in your account is to use the Pay Taxes feature as follows:
- Select Taxes from the left menu.
- Select Payroll Tax at the top.
- Select Pay Taxes.
- This will display all outstanding tax payments.
- Select Record Payment to the right of the tax item you'd like to record a payment for.
- Review the information on the next page and select Record and print.
When recording a payment for a specific liability period, the tax centre will only let you pay what was derived from your database and this prevents you from having an overpayment. In the Prior Tax Payments section, however, you can enter any amount you want for any liability period. This hits the balances for the liabilities and will show as a credit if you exceed the recorded balance from running payroll. This credit showing as overpayment can be rolled at the back end into the next liability period to lower the amount owed to the government.
Because you recorded your payments as historical amounts instead of using the Pay Taxes feature, I strongly recommend getting in touch with our payroll expert team to determine the best way to approach this.
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