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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 177
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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I need to talk to a quick books pro asap. I have small

Customer Question

I need to talk to a quick books pro asap. I have small biz but am not an accountant. My Quick books balance sheet report shows payroll tax liability, but I have paid all of my payroll taxes on time. My bank thinks I have a big payroll liability when I don't. I must be entering my tax payments into quick books wrong. How can I get rid of the payroll tax liability that shows? Is there JE I can enter to fix?
Submitted: 6 months ago.
Category: Finance
Customer: replied 6 months ago.
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Expert:  Jason M. Tyra, CPA replied 6 months ago.
Hi There:If you are absolutely certain that you have made all of your payments in full, then you can mark the payroll liability account to $0 as of the payment date.You would normally see this kind of error in QuickBooks when importing payroll information from another source (which accrues the amounts due), but then not booking the actual payment to the accrual account. Check your payroll tax expense account to see if it is overstated. If you booked the payment to payroll tax expense and you also booked the accrual to that account, then you will see an overstatement there.

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