retirement liability

jsmith13 · ‎February 21, 2022

We transferred from desktop pro to QB online and failed to pay a retirement liability check. I can not find it in the online and need to know what to do to correct so that I can send a check to our investment banker.

AlcaeusF · ‎February 21, 2022

Hi @jsmith13,

Thank you for posting here in the Community. I'm here to lend a hand with your concern about paying a retirement liability check in QuickBooks Online.

You can create the check manually to pay your retirement liability. I recommend you create the payment through the Check screen.

Here's how:

Click the + New option in the upper-left corner.
Select Check.
From the Bank Account dropdown, choose the account you use for liability payments.
From the Choose a payee dropdown, choose the vendor.
In the Account details section, select the account you use for tracking your liability payments, then enter the amount.
If you’re not sure which account/s to select, follow these steps to check your liability preferences:
1. Click the Gear icon in the upper-right corner.
2. Select Payroll Settings.
3. Go to Accounting Preferences.
4. Scroll down and check the accounts.
If you have sub-accounts for each agency you are paying, make sure to point to those specific accounts and enter the appropriate amount for the agency.
Fill in the rest of the check as you normally would then select Save.

Also, I've attached the following links you can visit to learn how to set up recurring transactions for liabilities, as well as some information about how your books are converted from Desktop:

Drop me a comment below if you have any other questions about entering liability checks in QuickBooks Online. I'll be happy to help you some more.

View solution in original post

AlcaeusF · ‎February 21, 2022

Hi @jsmith13,

Thank you for posting here in the Community. I'm here to lend a hand with your concern about paying a retirement liability check in QuickBooks Online.

You can create the check manually to pay your retirement liability. I recommend you create the payment through the Check screen.

Here's how:

Click the + New option in the upper-left corner.
Select Check.
From the Bank Account dropdown, choose the account you use for liability payments.
From the Choose a payee dropdown, choose the vendor.
In the Account details section, select the account you use for tracking your liability payments, then enter the amount.
If you’re not sure which account/s to select, follow these steps to check your liability preferences:
1. Click the Gear icon in the upper-right corner.
2. Select Payroll Settings.
3. Go to Accounting Preferences.
4. Scroll down and check the accounts.
If you have sub-accounts for each agency you are paying, make sure to point to those specific accounts and enter the appropriate amount for the agency.
Fill in the rest of the check as you normally would then select Save.

Also, I've attached the following links you can visit to learn how to set up recurring transactions for liabilities, as well as some information about how your books are converted from Desktop:

Drop me a comment below if you have any other questions about entering liability checks in QuickBooks Online. I'll be happy to help you some more.

jsmith13 · ‎February 23, 2022

Thank you! Exactly what I needed.

LucasM1 · ‎September 14, 2023

I'm hoping there is an easier way to learn of and pay all payroll liabilities than the seven step (one of which has four sub-steps). In QB desktop, I could go to payroll liabilities, select the liability to pay (such as retirement contributions which had been withheld from employee's paychecks) and pay. Is there anything like this in QBO?

As it stands, I seem to have to do the seven steps listed (plus four sub-steps) and then figure out how much to send (which is not included in the 7+4 step process). Is there anything in QBO that is user-friendly like the desktop version? If not and I'm stuck with the 7+4 steps, how can I determine how much I have to send in for the monthly retirement contribution? Lastly, is there a reminder (such as looking at the liabilities due page in QB Desktop)?

Tax liabilities in QBO seem to be easier as they're automated. QBO seems to make other liabilities very difficult to track and pay.

Please help me figure out how to pay payroll liabilities beyond federal tax liabilities. Thanks!

JaeAnnC · ‎September 14, 2023

I hear you, @LucasM1. I can see that you're interested in paying non-taxable payroll liabilities in QuickBooks Online (QBO). Allow me to share details about it.

In QBO, retirement contributions and other non-taxable payroll liabilities are set up. Once done, they will appear on your employee's paycheck when you run payroll. You may also track them by accessing reports. Currently, the system only handles state and federal tax payments.

We recognize the significance of this feature for your business. Don't worry. I'll help you relay this valuable insight to our software engineers so they can review your suggestion and possibly consider it in our future product enhancements. To do that, go to the Gear icon and select Feedback.

To determine your monthly retirement contribution, I recommend generating payroll reports.

Furthermore, payroll reminders are only limited to state and federal taxes. To remind you of your overdue taxes, go to Payroll and click Payroll Taxes.

Additionally, it's necessary to pay and file your payroll taxes to ensure you're updated with payroll tax laws and regulations.

Feel free to return to this conversation if you have any more questions about managing your payroll liabilities. The Community is here to provide assistance at any time. Stay safe, and have a great day!

LucasM1 · ‎September 14, 2023

Thank you! I have submitted feedback and am quite surprised I seem to be the only one that has payroll liabilities beyond taxes. I would have thought this would have been more of a bother to others. Hopefully QBO will work on making its product more user friendly!

Thanks again!

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