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Level 1

New QB company file mid year

I am setting up a new company file, in order to create/use a new COA.  The new file will start at our new fiscal year, which is 12/1/20.  We use enhanced payroll in a non-profit setting.  How do I handle YTD information for employees so the fiscal year reporting is correct (W-2, 941)?

1 Comment
QuickBooks Team

New QB company file mid year

That's so easy, @naphq.


Thanks for bringing your concern to the Community page. 


You’ll want to enter historical data in QuickBooks Desktop to ensure year-to-date amounts and reporting for the current year is correct. You can use the Payroll Setup window to accomplish this. Here’s how:

 

  1. Access the Payroll Setup Interview.
  2. Proceed to step 5: Year-to-Date Payrolls.
  3. Click Continue.
  4. If your company has issued paychecks this year, choose Yes otherwise, hit No, and then select Continue.
  5. Select your choice here Paychecks, Tax Payments, and Non-Tax Payments.
  6. You can select Show Steps to display the step-by-step guide in the Enter Paychecks by Employee window.
  7. Click Finish Later


Check out this article to learn more about adding historical payroll information such as paychecks, tax payments, and non-tax payments to QuickBooks.


I’ll be here anytime if you have further questions about entering historical transactions. Wishing you and your business continued success. 

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