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Level 1

I use QB Online and QB Payroll. On my year-end Cash-Basis Balance Sheet, QB shows the unpaid (not-yet due) FUTA as a liability. How do I correct it?

 
2 Comments
Anonymous
Not applicable

Re: I use QB Online and QB Payroll. On my year-end Cash-Basis Balance Sheet, QB shows the unpaid (not-yet due) FUTA as a liability. How do I correct it?

What's not correct about it?

 

Note that unless you paid all of last year's payroll taxes due last year, you'll have a year end balance.

Level 10

Re: I use QB Online and QB Payroll. On my year-end Cash-Basis Balance Sheet, QB shows the unpaid (not-yet due) FUTA as a liability. How do I correct it?

Cash basis does not mean no liabilities, Eg. a car loan. Payroll tax owing is a liability. The expense happens on pay date even if you haven't paid it yet

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