I need to adjust the amounts that are showing due for my Payroll Liability amounts. How do I reconcile the amount shown on the Pay Payroll Liabilities form with what is actually owed?
Before making a Payroll Liability Adjustment, it is first recommended that you speak with your qualified accounting professional to determine whether the adjustment needs to affect your Payroll Liability amounts and/or Payroll Liability Chart of Account balances. You will need to explain to them the reason for making this adjustment for them to adequately inform you of what will need to be done.
Payroll Item Adjustment Only
If you need to only affect the amounts that are shown as due on the Pay Payroll Liabilities form, you will need to do the following:
If you do not have the preference enabled to not require vendor selection when selecting liability accounts, you will need to manually enter a Journal Entry to properly reflect your changes to the Payroll Item balances in the Vendor Balance that is associated with the Payroll Item.
Payroll Item & Chart of Account Adjustment
If you need to affect accounts for the Payroll Liability Adjustment, follow steps #1 – 9. You will then need to select an adjustment account to affect. If you are unsure of which account, you will need to speak with your qualified accountant for clarity. By selecting the adjustment account, you will not need to manually enter a Journal Entry to affect your Vendor balance.
Why Are My Payroll Item Liability Balances Incorrect on the Pay Payroll Liabilities Form?
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