Question

Erroneous entry

Forum|Forum|1 year ago
November 10, 2024
2 replies
0 views

Hello-

I have an erroneous entry in QBO. We don't use the QBO payroll add on and therefore input our payroll manually. The gross amount of a paycheck was entered instead as wages paid instead of the net amount. I need to correct the amount paid and then show the payroll taxes on a sepatate line. What do I need to do to properly make that change? Can I simply change the amount of the entry and then make an entry for the taxes? Do I need to make notes somewhere to explain the correction? Really new to Quick Books and want to do it correctly. Thanks!

QuickBooks Online

I

IrizA

Level 2

I can walk you through on how you can correct the paychecks of your employees, pi10.

Before we proceed, may I ask about how you record your entries in QuickBooks Online (QBO)? This way, we can provide you with more information regarding this.

When manually entering payroll in QuickBooks Online (QBO), it is important to use the Journal Entry to accurately track paychecks in your company file. If you have already created a Journal Entry and need to make changes to the information, you can use the search icon to locate the entry, make the necessary changes, and then create an entry for payroll taxes separately.

Here's how to locate your entry:

Go to the Search icon located beside the notification icon at the upper right side.
Find the transaction in the Recent Transactions, if it's not there, click the Go to transactions search.
Select the Date Range, and Transaction Type of the entry.
Click the transaction once you've found it.
You can click the amount that needs to be changed, then modify this.
Once done, click Save or Save and Close.

After locating the transaction, you can click the said entry and include your notes in the Description field. You can also reach out to your accountant to ensure proper recording of your payroll entries.

For more detailed information regarding this process, you can view this article since it contains a step-by-step information as you record your payroll in your journal entry: Manually enter payroll paychecks in QuickBooks Online.

Afterward, you can categorize your transactions and reconcile them, so they always match your bank and credit card statements.

Please let me know if you have additional concerns regarding this, pi10. We'll be around to assist you.

P

pi10Author

Thank you for these detailed instructions, I will use them to correct the initial entry. Your response doesn't address the second question of if I need to add an explanation somewhere explaining this change?

L

LouiseG12

QuickBooks Team

Let's focus on your question about if you need to include an explanation for the change of the paycheck amount, pi10. Yes, you can add a detailed description to explain the changes you've implemented. I'll delve into how you effectively document the them in your payroll entry

In QuickBooks Online (QBO), when you modify a transaction, you have the option to include a description. This can easily be incorporated into the journal entry you created, and is essential for maintaining clarity and transparency in your records. It also serves as an important note to provide context and understanding of the modifications.

Furthermore, it's best to consult your accountant to verify that all your payroll entries are recorded correctly.

Moreover, you might want to run different reports that shows employee info, wages, taxes, and deductions. You can scan this article: Run payroll reports.

I'm just a post away if you have any more questions or need assistance with your entries in QBO. Whether it's clarifying a specific process, guiding you through documenting changes or addressing any concerns you have. Your financial clarity is my priority, and I'm here to help you every step of the way.

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