Yes, chris-tisdale. Let's create a journal entry.
This way, the payroll liability will be cleared. Here's how:
- Go to + New and then select Journal entry.
- Add the correct accounts and the amounts.
- Check the amounts. You should have the same amount in the Credit column on one line and the Debit column on the other.
- Click on Save and close.
As for the accounts affected, I recommend consulting an accountant to ensure your record is accurate. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.
If you have follow-up questions or concerns about the process, don't hesitate to leave a comment on this thread. We want to make sure your record is accurate.
