In late 2024, the IRS sent me statements that I underwithheld 941 payments in specific quarters of years 2022 and 2023. I have since paid these by autodraft from our only checking account. I have not put entries into Quickbooks.
I use the 2024 desktop version of Quickbooks. I don't know how to enter the credits and debits for these payments. QB payroll automatically adjusts these accounts so I don't know what all accounts are affected.
What accounts should I credit and debit to account for these payments "additional" 941 payments? I'm sure I have to create a liability to generate the demand for the IRS payments and I have to post these payments to some expense account. Do these accts already exist or do I need to create them? Should this be general ledger entries?
I'm sure this doesn't affect the taxes for 2024 but it does impact cash flow, which needs to be captured.
Any assistance is greatly appreciated.
