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I use QB Desktop payroll for both paychecks and paying payroll liabilities. It's been miscalculating my unemployment amounts. Until recently, the amounts were very small and I was willing to ignore it, but that's changed and the amount will throw off my books. Up until this year, I have no idea why it was miscalculating. The percentages and limits were correct, but the total wasn't. This year, I didn't realize that I had the wrong percentage on the liability account until I went to pay my quarterly amount. I have since updated the correct percentages and limits but was unable to make those changes retroactive. Therefore, I have a remaining liability, which isn't actually owed. When I paid the liability, I adjusted the amounts to reflect the correct amount, so the difference between what QB calculated and what I paid (the correct amount) is lingering as an unpaid/ past due liability. Is there some way to adjust these amounts and remove the liability, which isn't actually owed?
If you have a positive balance in unemployment liability, you can create a journal entry: debit the unemployment liability account, credit the unemployment expense account. This will remove the liability balance and decrease your unemployment expense since it was overstated if you had a balance in the liability account.
Thank you!! That was very helpful. In fact, when I went to make the journal entry, a message popped up suggesting that I adjust the payroll item instead. I was able to go to Employees > Payroll Taxes & Liabilities > Adjust Payroll Liabilities and deduct the amount directly from the unemployment account. It turns out this was a better way, but without your direction I would have never found it. Now, to figure out why it's over calculating from the start. Ugh! Thanks again!!
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