QuickBooks Payroll Liabilities Balance Report

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QuickBooks Payroll Liabilities Balance Report

QuickBooks Payroll is a very important part of QuickBooks. It helps users to manage payroll, expanse, file taxes, calculate paycheck and a lot of other tasks. Sometimes, while making Payroll Liabilities Balance Report in QuickBooks Payroll, you may encounter errors. These errors need to be resolved as soon as possible. Here we are going to discuss Payroll Liabilities issues, its causes, and resolutions. For more information about QuickBooks Payroll Liabilities Balance Report, you can call to toll-free QuickBooks Payroll Tech Support Number +1888-382-7559.

What Is Payroll Liabilities ?

Payroll liabilities are the amount that you owe but not yet paid. These liabilities include:

  • Payroll tax amounts that you have taken from employees.
  • 401(K) contributions
  • Union dues
  • Health insurance contributions
  • Garnishment for child support

Why Payroll Liabilities Report Shows Balance?

The balance in Payroll Liabilities Report is made up of amount accumulated from various transactions of payroll items. These payroll items consist of taxes, employee deduction, and company contribution. The main cause of payroll liabilities report showing the balance is that you have created payroll and it shows balance in Payroll liabilities balance report.

Remember, Before You Determine The Source Of Payroll Liabilities Report

Before you start to find out the source of balance on Payroll Liabilities Report, always remember that Dates plays a significant role in liabilities report. In some entries, the transaction date decides if a transaction will be mentioned in liability report whereas in some other entries the ending date of the the period affected is used.

So, you can expand or narrow the date range in the Payroll Liabilities Report to decide the source of balance in it.

For example, a Payroll Liabilities Report of date 5/1/2018 to  7/30/2018 will include:

Paychecks: The transaction date will appear on paychecks. A paycheck dated 5/1/2015 for the pay period 4/18 – 4/30/2018 will be included. It will not consider a paycheck dated 8/1/2018 for the pay period 7/15 – 7/30/2018.

Employee year-to-date (YTD): Here you have to mention the transaction date on these entries. The transaction date and the period ending date will be the same, so all the entries which come within the report range will be included.

Payroll liability checks: Here we will mention the liability period-ending date. A liability check which is dated on 8/15/2018 compensated for the period ending 7/30/2018 will be included in the report. However, A liability check dated 5/15/2018 that is paid for a period ending 4/30/2018 will be excluded.

Prior payments: The liability period ending date is used. A prior payment dated 8/15/2015 that compensated for a period ending 7/30/2015 will be included in the report. A prior payment dated 5/15/2015 for the time period ending 4/30/2015 will not be included.

Liability adjustments: The effective date of the amendments is used. A liability adjustment dated 8/15/2015 that paid for a period ending 7/30/2015 will be included in the report. A liability adjustment dated 5/15/2015 for the time ending 4/30/2015 will be excluded.

How Payroll Liabilities Were Paid?

Follow the below steps to determine how payroll liabilities were compensated:

  • Open Vendor at top of the menu and click on the Vendor Center.
  • Browse the location of the liability Vendor in the list, right-click on the vendor name, and select Vendor QuickReport from the shortcut menu.
  • Change the date range to include the month showing the liability balance.
  • Select the payment type under the Type If you get anything next to Liability check, it shows that liability was paid mistakenly.
  • Ensure that the liability is paid correctly either from the Scheduled or Custom liability payments sections provided in QuickBooks.
  • Find out set up and pay liabilities (scheduled or custom) to know about how to make liability payment in QB software.
  • From the check register, search for wrong liabilities and record the check number
  • Delete the wrong payment.
  • Find the Liab Chk you just created in the register and modify the check number to the check number you just recorded.
  • Click Save & Close.
  • Create a Payroll Liability Balance report to verify the balance status to see if it is correct.

To access the Payroll Liability Balance report, follow the below steps:

  • Select Reports > Employees & Payroll > Payroll Liability Balances.
  • Click on Customize Report.
  • Change the From and To dates to see the specific Payroll Liability Balance report.

Remember: If you have made the payment of payroll liabilities through Bill Payment or Write Check, it will not be deducted from your payroll liabilities and it will appear in Payroll Liability Balance report.

To see more transactions on the Payroll Liabilities Account:

  • Click on List
  • Select on Chart of Accounts
  • Browse Payroll Liabilities Account. Right Click on it to select

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Reach Us For Help To Correct QuickBooks Payroll Liabilities Balance Report

We have to discuss the errors in the balance of QuickBooks Payroll Liabilities Report but if the above methods could not resolve the error, you can get in touch with QuickBooks Support Phone Number +1888-382-7559. Our highly experienced technical advisors will resolve the issue in Quick time. They are working round the clock to assist you. You can also contact on QuickBooks Chat Support for any kind of QuickBooks related issues.

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