Correcting 941 Overpayment on QB Desktop 2019 version
I'm using QB Desktop 2019. In Q2 this year the 941 taxes were overpaid by $1k. I filed with the IRS to have the overpayment applied to the next return (so overpayment applies to Q3). Which means I owe $1k less in liabilities than QB is currently showing. How to I reconcile this in QB Desktop 2019? I found articles for the Online version... and for much older desktop versions. I need current info.
I have the steps on how to record the payroll liability overpayment in QuickBooks Desktop so you can proceed with your reconciliation seamlessly. I'm happy to share them with you!
Since you'll apply the overpayment to the next quarter's return, you have to apply it as a credit to a payroll tax account. If you're unsure of what particular account to use, you can talk with your accountant so the credit is applied in your tax forms accurately.