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Level 3

YTD payroll(negative numbers

Bought 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.

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Best answer July 03, 2020

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QuickBooks Team

YTD payroll(negative numbers

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.

 

Also, I'll be adding this article when you need a guide about how QuickBooks determines year-to-date amounts: Year-to-date (YTD) amounts on paycheck and pay stubs.

 

Let me post once again if you have more questions in mind. I'm always here to help. Stay safe and well!

View solution in original post

Highlighted
QuickBooks Team

YTD payroll(negative numbers

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:

 

  1. Go to the Company tab in the top menu, then Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Hit Save & Close.

 

For more information about Journal Entries, click here.

 

I'll be here if you have any other questions or concerns. Have a beautiful day!

View solution in original post

3 Comments
Highlighted
QuickBooks Team

YTD payroll(negative numbers

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.

 

Also, I'll be adding this article when you need a guide about how QuickBooks determines year-to-date amounts: Year-to-date (YTD) amounts on paycheck and pay stubs.

 

Let me post once again if you have more questions in mind. I'm always here to help. Stay safe and well!

View solution in original post

Highlighted
Level 3

YTD payroll(negative numbers

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

Highlighted
QuickBooks Team

YTD payroll(negative numbers

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:

 

  1. Go to the Company tab in the top menu, then Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Hit Save & Close.

 

For more information about Journal Entries, click here.

 

I'll be here if you have any other questions or concerns. Have a beautiful day!

View solution in original post

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