QuickBooks is the best financial accounting software for small businessmen. However, it can also manage your business accounts. Although, the payroll liability balance report is part of the QB. The payroll liability balance report also includes information about specified payroll items in the liability account, deductions and the company’s contributions. If you don’t know how to Run the Payroll liability balances report in QuickBooks, then this blog helps you. If you want instant help then you can also contact our QuickBooks Payroll Support team.
What are Payroll Liabilities?
Liabilities are amounts that are owed to you but have not yet been paid. In the case of payroll liabilities. These liabilities also include the payroll tax , withdrawal amount or your company owes as a result of payroll.
- First of all, Payroll liabilities also include other amounts you track on a paycheck:
- 401 (k) contribution
- Health insurance contribution
- Union dues
- Garnishments for child support
Steps to Run the Payroll Liability Balances Report
Running payroll liability balance reports is quick and easy.
- Choose the report.
- Select Employee and Payroll.
- Choose the Payroll Liability Balance.
- Set the date filter.
What is a Payroll Liabilities Account?
QB Desktop automatically creates a payroll liability account when you subscribe to QB Desktop Payroll. With every paycheck you write, the balance of this liability account improvements. When you pay your payroll taxes, QB Desktop reduces the balance of this liability account.
Why it is important to pay with a payroll liability check?
Always pay your payroll liabilities using payroll liability checks. You can make them through the payroll liability window.
Using a payroll liability check, QuickBooks Desktop can properly track the liabilities you have paid. Also, track how much you still owe.
What is the Payroll Liability Balance Report?
The payroll liability balance report shows a dated report. A few things are known about this report.
- Paychecks are dated within the report’s date range.
- Investigation of payroll liability for liabilities payable for any period within the reported date range.
- Payroll liability adjustment with an effective date within the reported date range.
- Employee Year-to-Year summary within the report’s date range.
- Prepayment Summary for liabilities ending within the report’s date range.
- When creating a report, QB Desktop may produce inaccurate liabilities. This occurs when the payment through the date of the due liabilities is in a different month than the due liabilities.
In this blog, you can find how to Run Payroll Liability Balances Report in QuickBooks. If you are facing any problem while understanding these steps, then dial our QuickBooks Support Phone Number.