What is Payroll Liabilities Report in QuickBooks
QuickBooks software offers users an opportunity to complete their accounting and bookkeeping tasks along with payroll activities in minimal time and with the least amount of effort from their side. Moreover, there are certain reports which are available to the user in template form. One of the required reports is the 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 showcases details regarding the payroll section of the business including payroll items under the liability account, company contributions along with Payroll Deductions. For this report to be successful, the user needs to be subscribed with an active QuickBooks Payroll version.
Item To Included In Liability Report QB
The payroll Liabilities report takes out the amount for certain Payroll items through transactions detailed below:
- Paychecks are generated within the date range set for the report. The 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 are generated concerning the liability owed by the business with the last date of payment being within the date range set for the business.
- The effective date for the ‘Payroll Liability Adjustments’ item concurs within the date range set for the report.
- Summaries related to Employee YTD (Year-to-Date) are generated on dates lying within the date period of the 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 the same as that shown in the Pay Liabilities screen when both To Date and Through Date on 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 are not in the same month as when the liabilities were garnered.
How To Create & Run Payroll Liability Report in Intuit Quickbooks
An important point to keep in mind is that the filter of date range should be decided upon judiciously.
To generate the Payroll Liabilities report, follow the steps below:
Total Time: 6 minutes
From the main menu bar, click on the 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, users can call the QuickBooks Payroll Support team set up by Intuit which is proficient in tackling all sorts of QuickBooks Payroll Liabilities Errors & Issues.
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:-
💠 Union Dues
💠 401(k) contributions
💠 Child support Garnishments
💠 Contributions of Health insurance