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Join nowBought a business, got a copy of their QB's and changed EIN etc but want payroll YTD to be zeroed out for the last half of the year
Press Ctrl + Alt + Y or Ctrl + Shift + Y to open the Setup YTD Amounts window. Select Next until you reach the Enter prior payments section. In the Enter Prior Payments window, select Create Payment to enter all prior payroll tax and non-tax payroll liability payments you have made during the current or previous years. but this did not work since you can not use negative numbers. I have called QB's but they could not help-stated I would have to create a new QB's file-did not want to do since all of the customers and vendors came with old company(a lot of input). Any help would be great.
Solved! Go to Solution.
I appreciate a lot the things that you did, @kerryboersma.
Let me share ideas on how to zero out payroll YTD for the last half of the year.
The only way in doing so is to copy all the journal entry posting that you can see in your payroll report. Then ensure to delete the affected YTD paychecks and change them all to journal entries so that you can zero them out.
Let me post once again if you have more questions in mind. I'm always here to help. Stay safe and well!
Thanks for the response, @kerryboersma.
You'll need to create a Journal Entry for each paycheck to zero it out in your QuickBooks Desktop Payroll. I recommend reaching out to your accountant before creating these transactions for further accounting advice. They can help you assign the proper accounts, as well as help you set up your books for a fresh start. I've provided steps below on how you can create a Journal Entry:
For more information about Journal Entries, click here.
I'll be here if you have any other questions or concerns. Have a beautiful day!
I appreciate a lot the things that you did, @kerryboersma.
Let me share ideas on how to zero out payroll YTD for the last half of the year.
The only way in doing so is to copy all the journal entry posting that you can see in your payroll report. Then ensure to delete the affected YTD paychecks and change them all to journal entries so that you can zero them out.
Let me post once again if you have more questions in mind. I'm always here to help. Stay safe and well!
Thanks for trying to help but "copy all the journal entry posting that you can see in your payroll report" does not make sense to me. I do not have journal entries. If you can clarify that would be nice-otherwise I think I have given up on this issue. Nothing seems to work.
Kerry
Thanks for the response, @kerryboersma.
You'll need to create a Journal Entry for each paycheck to zero it out in your QuickBooks Desktop Payroll. I recommend reaching out to your accountant before creating these transactions for further accounting advice. They can help you assign the proper accounts, as well as help you set up your books for a fresh start. I've provided steps below on how you can create a Journal Entry:
For more information about Journal Entries, click here.
I'll be here if you have any other questions or concerns. Have a beautiful day!
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