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Buy nowHi,
I've just seen downloaded from the bank the collection of 2024 IRS 1040 Form. I've tried to match it with the following journal entry
Debit Credit
==== =====
Federal income tax expense $xxx.xx
Federal income tax payable $xxx.xx
but the system couldn't find the transaction. Is here any one who could give me a solution to register it in order the system can find and match?
Thank you in advance!
Based on the details you provided, it appears that a line for a bank account is missing from the journal entry, Annamaria2, which is why the system can't match it with the downloaded tax payment bank transaction.
Before making any changes, I recommend consulting your accountant to ensure the amounts are debited and credited accurately in the journal entry. If you don't have one, our ProAdvisors are ready to help anytime by utilizing this link: https://proadvisor.intuit.com/app/accountant/search.
I'll add this self-help article for more guidance and scenarios about creating a journal entry: Debit vs. credit in accounting: The ultimate guide and examples.
For assistance with bookkeeping tasks and navigation in QuickBooks, contact our QuickBooks Live Expert team. These professionals are ready to provide tailored support for your business needs.
Once done, you can run financial reports like the Balance Sheet to review your assets, liabilities, and equity balances: Run a report.
You can always contact us here if you need more assistance matching QuickBooks records and bank transactions.
That journal entry recorded the expense and the payable, but not the payment. To record the payment, write a check (New > Check) and list 'Federal income tax payable' as the category. That will reduce both the payable and your bank account by the payment amount. You should then be able to match the check to the bank transaction.
Thank you so much, it has worked!
Thank you so much!
Thanks a lot!
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