Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

New company setup payroll liabilities

I am setting up a new company that has already posted payrolls this year.  I used the payroll wizard to enter all of the accumulated data and then realized it was not affecting the bank account for reconciliation.  I found under the paycheck info the option to have the transactions affect the bank account and it worked perfectly.  However, when I use that same option under the payroll liabilities they do not appear in the reconciliation.  I am at a complete loss how to get them to appear in the bank account when the selection "affect bank account" does not work.  Help!

 

1 Comment
Level 9

New company setup payroll liabilities

Your payroll liabilities are cleared when they are paid, which means they are booked to the payroll liability accounts when payroll is processed and then cleared when the payroll liabilities are paid. 

 

So essentially the recording of your payroll liabilities does not impact your bank account, the payment of those liabilities impacts your bank account.

Need to get in touch?

Contact us