I am setting up Quickbooks Online Simple Start. How do I input my 2019 end-of- year payroll withholding tax liability on my balance sheet? The taxes were paid in 2020.
We can enter it as a Journal Entry, fcorcoran.
Let's make sure to use the payroll expense accounts so our financial report is accurate. I also suggest reaching out to an accountant to help you identify which expense or liability accounts to use. Through Payroll Account Settings we'll be able to review the payroll accounts used.
Go to the Gear icon and click Payroll Settings.
Click the Preferences tab.
Select Accounting Preferences.
From there, we can check the account we used for the withholding. To create a Journal Entry, just click the +New button from the left panel and select Journal entry. Let's make sure that the dates are for 2019.
Keep me posted if you need anything else. Take care!