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Robert M.
Robert M., Consultant
Category: Financial Software
Satisfied Customers: 2995
Experience:  30 yrs. of computer experience in financial and marketing departments.
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I am gaining on my project to correct the store balance

Customer Question

I am gaining on my project to correct the store balance sheet. I find that the incorrect % was in our quickbooks for Arizona DES. Therefore, even after correcting the payments to show as a "liability" there remains a balance due on the books. Do I do a
journal entry to delete this - if so, do I make it from AZ unemployment to what account - opening equity?
Submitted: 1 year ago.
Category: Financial Software
Expert:  Angie Russell replied 1 year ago.

No, journal entries in Quickbooks do not affect PR Liabilities, so you will need to do a Liability Adjustment.

If you go to across the top where it says "File, Edit, View, etc.... " Click on employees, then payroll taxes and liabilities, Adjust Payroll Liabilities" A box will pop up to allow you to adjust the particular liability you need to. Choose todays date for the date, then whatever date you want the adjustment effective for in the next box.

The Adjustment will be for company.

In the boxes below the first box will drop down for you to choose the correct liability. You will then enter a negative number in the amount that is still showing on the balance sheet. You can choose to leave a memo note if you wish, you can also click the affected accounts button to see which accounts will be adjusted by making this entry.

I have found that sometimes, I have to go back and correct the entry when I do it this way, if you need to, you can simply go back to the screen and hit previous adjustment to take you back to the adjustment to make corrections if you need to.

Expert:  Angie Russell replied 1 year ago.

one thing that you might need to make a note of, when the % is incorrect in QB, the program will automatically attempt to make up the difference in calculations with each payroll forward. If this was a recent % change, it may attempt to adjust itself each time you do a payroll .

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