QuickBooks Tip-Creating a Functional Payroll Liabilities Section
A QuickBooks Payroll Tip for creating a more functional Payroll Liabilities section on your Chart of Accounts. QuickBooks, by default, provides a limited Payroll Chart of Accounts containing only two accounts - Payroll Liabilities and Payroll Expenses. When you run a Balance Sheet or a Profit & Loss Report (or look at your Chart of Accounts listing) you only see the totals with no details and have to run further reports to find the individual amounts that make up the totals. I find this to be problematic. This article will show you how to add sub-accounts to the standard Payroll Liabilities account so that you can quickly and easily "see" the individual amounts for each payroll liability and how to edit your existing payroll items to accurately point to these…