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voyswider-gmail-
Level 1

What to do with cis suffered account at the end of year? what journal entry to zero it out thanks

 
2 REPLIES 2
JoanaC
QuickBooks Team

What to do with cis suffered account at the end of year? what journal entry to zero it out thanks

We can credit the suffered account and debit the withheld account, as it's part of the payroll liabilities.

 

Here's how: 

  1. Go to +New.
  2. Under Other, select Journal entry.
  3. On the first line, choose the Suffered account (credit).
  4. On the second line, choose the Withheld account (debit)

 

Please consult your accountant if you are unsure which withheld account to use.

 

I'll be sharing these articles you can check to help you manage your transactions: 

 

 

We'll be here to assist you if you still have questions. Have a lovely day and take care!

Lena222
Level 1

What to do with cis suffered account at the end of year? what journal entry to zero it out thanks

What entries are necessary to clear cis suffered balance as year end adjustment for self employed with no payroll

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