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    Pay liabilities by pay period rather than paycheck date

    Article ID: 1000083

    Overview

    QuickBooks uses the paycheck date when calculating liabilities.

    Assumptions

    You are setting up a payroll liablity schedule or you are having trouble with the amounts due in a schedule you have already set up.

    Expected Outcome

    You can pay the liabilities due.

    Details

    When your pay liabilities in Create Custom Liability Payments, be sure to use paycheck dates. All federal and state agencies use paycheck dates. If you pay liabilities by pay period dates instead of paycheck dates, there is a high risk you will pay the incorrect amount. That can result in penalties and interest for underpayment, or waiting a minimum of 6 weeks after you file returns to get the overpayment credited.

    For more information regarding tax deposit schedules, refer toIRS Publication 3151: The ABC's of FTDs: Quick Reference Guide for Understanding Federal Tax Deposits.

    2 comments

    Teresa4/22/2013

    When paying by paycheck dates, do I use the beginning date of January 1, 2013 thru the paycheck date??

    Reply

    Violet5/8/2013

    Hi Theresa

    If you are paying your Liability using Custom Liability Feature and the liability you are paying is for a specific payroll period, you will need to use the paycheck date as your From and Through dates. Doing so will display only the payroll liabilities due for that specific payroll period. Try this in your QuickBooks and check if results is what you are wanting to see.

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