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Level 1

How do I get a balance sheet to balance? It doesn't balance because a a payroll check where medical and tax liabilities no longe show. they are shown under liabilites

A payroll check shows deduction for "interest payments" instead of medical and tax liabilities. The liabilities still show under liabilities and point back to the payroll check. Moving the check to the future and back does not correct problem. When I try to delete the check and start over, I get a note “QuickBooks is unable to complete this operation and needs to restart.”
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QuickBooks Team

How do I get a balance sheet to balance? It doesn't balance because a a payroll check where medical and tax liabilities no longe show. they are shown under liabilites

Hi there, wkoch.

 

It could be the payroll paycheck was posted in the wrong account. That's why it shows a deduction for "interest payments" instead of medical and tax liabilities. I suggest checking the setup of the payroll item so you can verify if the posting liability account is correct.

 

Here's how:

 

1. Click the List menu and choose Payroll Item List.

2. Choose the item that was used of the payroll check that showing as deduction.

3. Double click it to expand the page.

4. From the Name used in paychecks and payroll reports, hit the Next button.

5. Enter name of agency to which liability is paid from the drop-down list.

6. From the Liability account drop-down list, you'll see what liability account  the paycheck was posted.

7. Click Next and Next. Then Finish.

8. You'll be routed in the Update transactions with new account page, choose Update all existing transactions to use this new account.

9. Hit OK.

 

Once done, you can pull up the Balance Sheet Detail report to check if the paycheck created was already is in the right account.

 

Please check this article to pull reports that can help you manage payroll and keep track of employee expenses: Customize payroll and employee reports. This also provides on how to customize these reports to get the information you need.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

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