Reversing a taxable company benefit

Hello rkkt,

Making sure your taxable company contributions are entered correct is important in making sure your payroll liabilities stay accurate. I can point you in the right direction for this.

If the paycheque has not been cashed yet then i would suggest deleting the paycheque and creating a new one with the correct information. You can run an unscheduled payroll by following the steps in this link. If the Paycheque has already been cashed however, you would need to contact your accountant on exactly how to correct that in your payroll. If you don't have an accountant at this time we have you covered. You can go to our find an accountant page and find one in your area.

Once your accountant tells you how to adjust the amounts we can help get that entered into your books.

Have a good night

Thanks Nick,

The cheque has been cashed.  The accountant doesn't do the day to day stuff.  What I want to do is put a negative amount in the contribution to reduce the amount out of his pay.  Quickbooks won't let me put a negative in.  I'm pretty sure there used to be an override like F3 or some other F key that I used in these sort of things.  Is there an override key anymore?

If not I'll figure out another way.

Thanks,

Karen 

I just made a new payroll deduction item that was set up the same as the company contribution. I'll just use that account to reduce the over pay.

Great job finding a solution, rkkt. Our tech support team is here to help if you run into any further issues. 

Cheers.

Hello,

I have this same issue, but do not see any advice on how to fix it in Quickbooks.  I deducted amounts for this employee as Company Paid and Employee Paid in a paycheck for Aflac only to find out that Aflac had not activated our account like they said they did.  The check was already cashed.  I issued a refund to the employee but it would not allow me to put a negative amount in for the Employee Paid portion.  This employee is no longer employed by us.  How do I remove the Company Paid portion from our liability as it is not actually owed?