QuickBooks Desktop - 941 Return - Reconciling Amount Paid and Due

wsenti0 · ‎July 02, 2020

Hi,

I have stepped in to carry forward bookkeeping and payroll. I have a question regarding a small amount showing due - $2.76 - (presumably rounding figures). I reviewed each pay period payroll summary and it matches what was paid to EFTPS, so nowhere does it show anything is due when I review the customer liability reports. For the quarter, everything was paid and matches withholdings, SS(employer and employee), and Med (employer and employee).

I reviewed the previous 941 (1Q2020) return and it appears our bookkeeping had inputted an adjust of $2.75 to match was actually paid in that quarter (I am viewing this as what should have been an overpayment to be applied elsewhere).

Given all the payroll liabilities match payroll summaries, I am assuming this adjustment from 1Q2020 for some reason has impacted my line 6 for the 2Q2020.

What is the best course of action here? I have attached a PDF with sections of both returns, 1Q2020 filed and the 2Q2020 preliminary draft (not filed). Would it be a negative adjustment?

Looking forward to insight and thoughts.

Thank you.

LieraMarie_A · ‎July 02, 2020

Yes, you can create a negative adjustment so it won't affect the previous quarter, @wsenti0.

You'll need to select Employee for the changes to reflect on your 941 forms. Also, make sure the date of the adjustment is for the second quarter. For more details, refer to this article: Adjust payroll liabilities in QuickBooks Desktop.

You can also read through this article to ensure conformity with federal tax regulations: Internal Revenue Service Payroll Tax Compliance.

You can always count on us here in the Community anytime you need assistance. We've got your back!

wsenti0 · ‎July 05, 2020

Hi,

Do you know why or where this small $2.76 difference would come up if all the payroll summaries (Payroll taxes owed) perfectly matches what was paid in?

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QuickBooks Desktop - 941 Return - Reconciling Amount Paid and Due

QuickBooks Desktop - 941 Return - Reconciling Amount Paid and Due

QuickBooks Desktop - 941 Return - Reconciling Amount Paid and Due

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