Voided Payroll - Journal Entry

lisa-2i-t-com · ‎December 18, 2024

We use a 3rd party to do Payroll. We incorrectly paid the LLC owner and had to void the transaction in their system. However, it has already been booked in QB. The net pay can be reclassified to owners draw, but how should we reclassify the taxes taken out & recorded with the journal entry?

Thanks!

Tori B · ‎December 18, 2024

Hi there, @lisa-2i-t-com

Thanks for reaching out to the QuickBooks Community!

It sounds like you've got a tricky situation with that voided payroll. Since reclassifying taxes can have big implications, I strongly recommend consulting with an accounting professional. They'll be able to give you the best advice on how to handle this specific situation and ensure everything is recorded correctly in QuickBooks.

If you don't already have an accountant you trust, we can help with that! Check out our Find-a-ProAdvisor tool to connect with a certified expert in your area. They can provide personalized guidance on this issue and help you with all your accounting needs.

Let me know if you have any other questions while you're here in the Community. We're always happy to help!

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