Thanks for getting in touch with us today. I want to make sure you're able to get past this issue you're getting with the P&L report. I only need a few more details so we can get the appropriate solution to your concern.
May I know how do you record your payroll wages? Are you using bills to record your unpaid wages? If not, how do you record your payroll expenses? Any details you can provide will help us narrow things down.
Please feel free to fill me in whenever you get a chance. I'll keep an eye on this post for your response. Have a good one!
How do I show unpaid wages for time worked in Dec. 2018 but was paid in Jan 2019. My Profit and Loss Statement now shows that I have a profit of over 8K when is all wages
I am currently using Quickbooks Online Payroll I run payroll my self so it automatically deducts the "expense/liabilities" from my total P&L for the year. However, my last pay period was from 12/16 to 12/29 but was not processed or the checks made until 1/4/19. The total for "expense" for that pay period went to my 2019 P&L leaving my 2018 P&L with a surplus of over 8k. I want to be able to show these "expenses" on my 2018 P&L statement, but as I have never had to show payroll before I do not know how to do this.
Thanks for getting back to me and providing additional details about your concern.
If you processed these paychecks manually, then you can correct the check date by deleting and recreating the transaction and dating it for 2018. However, if you issued Direct Deposit transactions, there isn't a way we can edit the pay date of your payroll once submitted.
The best thing you can do is to consult an accounting professional to get the best legal and accounting advice on how to create an adjustment, so your payroll expense hits the correct year.
Please feel free to let me know if there's anything I can help you. Have a great weekend!