QuickBooks is the best financial accounting software for small businessmen. It can manage your all business accounts. The payroll liability balance report is part of the QuickBooks. The payroll liability balance report includes information about specified payroll items in the liability account, most deductions and most of the company’s contributions. We all tell about payroll liabilities. And shows you how to run the report. If you don’t know how to Run the Payroll liability balances report in QuickBooks, this blog for you. You can get the solution of your problem in this blog.
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 include the payroll tax amount that you withdrew or your company owes as a result of payroll.
- Payroll liabilities also include other amounts you track on a paycheck:
- 401 (k) contribution
- Health insurance contribution
- Union dues
- Garnishments for child support
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?
QuickBooks Desktop automatically creates a payroll liability account when you subscribe to QuickBooks Desktop Payroll. With every paycheck you write, the balance of this liability account improvements. When you pay your payroll taxes or other payroll liabilities, QuickBooks 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. Note that it is the paycheck date (not the payment end date) that determines whether the paycheck is within the reported date range.
- Investigation of payroll liability for liabilities payable for any period within the reported date range.
- For example, if the report includes January 1 through October 31 of a given year, it includes an investigation into liability written for the period ending on October 31. Even if this check date is on 15 November. Include the 15 January liability check for that year, written for liability for the period ending 31 December of the previous year.
- 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. The Payroll Liability Balance report shows the same amount of payability window when the date of the report is the same as the date in the Payability window.
- When creating a payroll liability balance report, QuickBooks 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. For example, liabilities payable in October, but paid through November, may show as payable.
In this blog, you can find how to Run Payroll Liability Balances Report in QuickBooks. I hope my all information is helpful for all QuickBooks users. If any problem to understand the steps you have an option to dial our QuickBooks Support phone number.