I'll help with this, JPTBrenda.
We perform liability adjustment to correct employees’ year-to-date or quarter-to-date payroll info. This includes company contributions, employee additions, and deductions. In doing this process, will have to make sure that it's affecting liability and expense accounts and the effective date is May. This way, we'll be able to enter an adjusting transaction in the liability and expense accounts on that period.
Here's how to check it:
- Select Employees from the top menu bar.
- Choose Employees Center, then go to the Transactions tab.
- Select Liability Adjustments, then locate and open the appropriate adjustment.
- Make sure that the adjustment is for the employee, the effective date is May, and the amount entered is negative.
- Click the Accounts Affected button, then select Affect liability and expense accounts.
- Select OK when you're done, then click OK again to confirm the changes.
Once done, we can run the Payroll Summary Report again and check the Pay Taxes & Other Liabilities section to make sure that everything looks right.
In case you want to track where your company stands in terms of employee expenses, we can customize payroll and employee reports to view useful information.
I'll be right here to continue helping if you have any other concerns or follow-up questions. As always, assistance is just one comment away.
