Handling Electronic Federal Tax Payment System (EFTPS) payments in QuickBooks Online is sometimes challenging. Allow me to help you with this.
To begin with, I suggest creating an account in the Chart of Accounts to handle EFTPS payments. Go to the Chart of Accounts and create a new account under Liabilities. Name it something like EFTPS Payroll Taxes or similar. When recording EFTPS payments, categorize them under this custom liability account instead of using the Expenses category.
For individual tax payments (such as federal income tax, Social Security, and Medicare), QuickBooks Online automatically categorizes them as payroll liabilities. These payments won’t appear as expenses on your P&L report because they are already accounted for in the payroll process.
Additionally, I recommend regularly reconciling your bank statements to stay on track. Please refer to this article for guidance: Reconcile an account in QuickBooks Online.
Let me know if you have further concerns about the EFTPS or need assistance with QuickBooks. Keep safe.
