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Anonymous
Not applicable

end of year payroll expenses are posting in wrong year - need to correct

I processed an end of year payroll for 2018 to pay on Jan 3 2019 but wanted the expenses to hit in 2018 - they are hitting in 2019 - how can I correct this as the payroll has been processed?  I did not catch that the date was going to show a 2019 date and allowed the payroll to go out and post.  Employees will have their pay deposited tomorrow so it is too late to do a clean void.  Can I do any sort of journal transactions to correct the posting date of the payroll liabilities to have them hit in 2018 and remove them from 2019?

1 Comment
Level 10

end of year payroll expenses are posting in wrong year - need to correct

Yes you can create a journal entry; debit wage expense, credit accrued liabilities, dated 12/31 and reverse it on 1/1.

This cannot be included for tax purposes as payroll is cash based, but you may want to accrue payroll for management purposes 

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