QuickBooks Payroll Bank Reconciliation

If you are looking to manage your accounting and financial requirement of your business then QuickBooks can be the best solution for you. It is an accounting software developed by Intuit to make business tasks easier for small and mid size business organizations. QuickBooks Payroll is a version of QuickBooks is used for calculating payroll and taxes. Payroll and tax management is a complex and tedious task of any business organizations. This software makes Payroll and taxes calculation very easier. Users can now manage and resolve all kind of accounting task, like calculating taxes, sending bills and invoices, creating paychecks, cash flow management, etc with the help of QuickBooks Payroll software.

QuickBooks Payroll has many advanced features which have made it popular among the small and midsize business organization. One such feature is Reconcile.  Here we are going to discuss QuickBooks Payroll Bank Reconciliation. If you have any query or doubt about payroll bank reconciliation, you can get in touch with QuickBooks Payroll Technical Support Number +1888-529-1015.

To understand the cash flow of a business it is necessary to know the importance of reconciliation. QuickBooks Payroll Bank Reconciliation is a process of managing payroll account in your QuickBooks Software.

When To Reconcile QuickBooks Payroll At Quarter End?

The below table will show you the time when you can reconcile payroll at the quarter end:

Quarter Period When To Reconcile
1 Jan – Mar Apr
2 Apr – Jun Jul
3 Jul – Sep Oct
4 Oct – Dec Jan

How To Review Total In QuickBooks Payroll?

You have to follow the below steps to find out the preview total in QuickBooks Payroll :

  • Open QuickBooks Payroll software and click Reports from the left navigation bar.
  • Now click on the Payroll Details Report tab.
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Choose Summary by Employee from the Employee drop-down list.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Next, view all employees and verify all wages.

Remember:  Consider the below points:

  • Ensure all wages are mentioned.
  • Make sure that all employees are listed.
  • Verify if you dated all paychecks the day the funds became available to the employee.
  • Verify if there is any lost or failed direct deposit paycheck.

How To Review Deduction In QuickBooks Payroll?

  • Open QuickBooks Payroll software and click Reports from the left navigation bar.
  • Now click on Payroll Deduction/Contribution Report tab.
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Now go through all employees to check all deduction and /or contribution.

Remember:  Consider the below points:

  • Make sure that all the deductions and contributions are present.
  • No employee is left out.
  • Verify the totals.

How To Provide The Tax and Wage Totals Report To Your Accountant?

If your accountant is reconciling your books on a quarterly basis then you can show him the following report:

  • Open QuickBooks Payroll and on the left side of the menu, click Reports.
  • Select the Payroll Tax and Wage Summary report
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Click on Printer-Friendly version link on the top to provide a copy of this report to your accountant

Remember:  Consider the below points:

  • The above report shows the company totals.
  • The company totals and employees totals may not match due to, if any, adjustment made to the tax liability at the company level.
  • Total Wages means total gross wages paid in the quarter.
  • Excess Wages means wages exceeding the tax type’s wage base.
  • Taxable Wages are the difference between Total Wages and Excess Wages.

Need Any Help? Contact The QuickBooks ProAdvisors

Technical Support For QuickBooks Payroll Bank Reconciliation

Hopefully, with the help of the above methods, you can reconcile your QuickBooks Payroll. In case, if you need any assistance you can connect to QuickBooks Customer Support Number +1888-529-1015. You can directly contact on QuickBooks Chat Support. Our executives are working round the clock to assist you in resolving QuickBooks issues.

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