What is Payroll Liabilities Report in QuickBooks
QuickBooks software offers users with an opportunity to complete their accounting and bookkeeping tasks along with payroll activities in minimal time and with least amount of efforts from their side. Moreover, there are certain reports which are available to the user in template form. One of the required reports is Payroll Liabilities Report which is used by many business owners to verify the overall liabilities of the business at the end of the year.
This report basically showcases details regarding the payroll section of the business including payroll items under liability account, company contributions along with Payroll Deductions. For this report to be successful, user needs to be subscribed with an active QuickBooks Payroll version.
- What is Payroll Liabilities Report in QuickBooks
- Item To Included In Liability Report QB
- How To Create & Run Payroll Liability Report in Intuit Quickbooks
Item To Included In Liability Report QB
The payroll Liabilities report takes out amount for certain Payroll items through transactions detailed below:
- Paychecks generated within the date range set for the report. User needs to keep in mind that the date of the paycheck is the influencing factor to determine whether it will be included within the report and not the last date of the pay period.
- Checks generated in respect to the liability owed by the business with last date of payment being within the date range set for the business.
- Effective date for ‘Payroll Liability Adjustments’ item concurs within the date range set for the report.
- Summaries related to Employee YTD (Year-to-Date) is generated on dates lying within the date period of Report.
- Old summaries of the liabilities that are due from the side of the business and are paid on the date falling between the date range set for the report. The report displays the amount as same as that of shown in Pay Liabilities screen when both To Date and Through Date in the screen coincide with each other.
- While generating the Balance Report for Payroll Liability, there is a chance that the user might end up with inaccurate liabilities from their software in case the payments made for the due liabilities is not in the same month as when the liabilities were garnered.
How To Create & Run Payroll Liability Report in Intuit Quickbooks
Important point to keep in mind is that the filter of date range should be decided upon judiciously.
In order to generate the Payroll Liabilities report, follow the steps below:
Total Time: 6 minutes
From the main menu bar, click on Reports tab.
Under the sub-menu of Reports, look and select the option ‘Employee and Payroll’.
Lastly from the list of reports, click on Payroll Liabilities Balances.
Resolve QB Payroll Liability Reports Error
The above steps and details help to generate Payroll Liabilities Report with as few hassles as possible. However, if faced with any issues, user can call the QuickBooks Payroll Support team setup by Intuit who are proficient in tackling all sorts of QuickBooks Payroll Liabilities Errors & Issues.
Need Professional Help?
If you get stuck anywhere in the process, feel free to get in touch with Payroll.AccountingErrors Support Team.
They are extensively knowledgeable and intensively trained to interpret and resolve all payroll issues faced with QuickBooks. In case the connection with QuickBooks support team is unable to get established, alternative support agency can be called by the user through live chat QBPayrollHelp or call the toll free number 📞+ .
How can I see the additional liabilities account?
💠Go to the Lists menu option
💠Then choose Chart of Accounts
💠Search for the Payroll Liabilities account and right-click on it
💠After that, from further options click on the QuickReport and you are done.
What to do to see the descriptions of each type of report?
For the description you have to do the following:-
💠In your QuickBooks account
💠Go to the main page of Reports
💠Then select the category of the report
💠After this, you can see the specific group of the reports with their descriptions in short
💠Then click on the RUN option if you want to view the report
💠The report you see is in the default settings
💠To customize the report you have to click on the link mentioned in the description.
What are the other amounts that I can track on the paychecks?
The other amounts to track on paychecks include:-
💠Child support Garnishments
💠Contributions of Health insurance