Splitting Liabilites to Two Checks

“Quicklet” - A Podcast for QuickBooks Pro, Premier, Enterprise Solutions, Point of Sale and Peachtree users featuring helpful information, tips, tricks and suggestions for bookkeepers, business owners, and consultants.

Got a QuickBooks Mess? Call The QuickBooks Gal!

Hi, I'm Jayne Miller, The QuickBooks Gal. Welcome to another in my series of “Quicklets” – informational podcasts about QuickBooks, Peachtree and related bookkeeping topics.

Recently a client called because she needed to split liabilities to two separate checks.

Here's what happened. She paid 401K liabilities to the usual agency on a check a couple of weeks ago.

Today the check was returned to her because her employer had made some changes to the plan and moved part of the employee contributions to another agency and neglected to tell her about it.

When she voided the returned check, the liabilities all returned to the Payroll Liability journal as they originally were recorded.

Her question to me was:

How can I re-issue two checks (one to Bank #1 and one to Bank#2) to replace the one original check?


This is easy....

1 - Create a check to entity # 1 through Payroll Liabilities.
2 - Select all Liabilities.
3 - With that check onscreen, select the EXPENSE tab above the Account Column
4 - Select the payroll liability account that you are paying (401k for example) and enter a negative amount equal to the amount of the 2nd check you wish to issue.
5 - Change the amount of the check on the form at the top to agree with the amount you wish to pay to this vendor.
6 - Save & Print


Next...


1 - Create a standard check or bill to the 2nd vendor
2 - Enter the amount remaining from the 1st check
3 - Code the payment to the same category you used for the negative entry on the first check
4 - Save & Print

You have now paid all liabilities to their proper accounts and used a "dummy" account to wash the difference you wanted to split to a separate check.


Well, that’s it for now. Please visit my blog again for another in my Quicklet© series.

If there are topics you would like me to cover send me an email at jayne@qbgal.com.


Got a QuickBooks Mess? Call The QuickBooks Gal!


If you are using Point of Sale or you're looking for Cash Register Solutions, call us - we're QuickBooks Point of Sale Solution Providers.


Certified Point of Sale Pros!
 Sales, Support & Service



Call us for all Your Point of Sale Needs!
775-348-9200 Point of Sale Direct
info@custmbiz.com



Custom Business Solutions
1755 E Plumb Lane, Ste 101
Reno, NV 89502

©2009 Custom Business Solutions

Comments

Post a Comment

Popular posts from this blog

How to "Un" Apply Credits In QuickBooks

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal Recently, one of our Reno QuickBooks customers asked about "unapplying" credits in QuickBooks. While there are nicely labeled apply credits buttons, there are none marked unapply. This is the case for both customers (invoicing) and vendors (paying bills). So here is how it is done: For customers, it is a fairly easy process. Go to the invoice to which the credit was applied. Then click on the "Apply Credits" button. In the lower half of the new window that pops up is a list of Previously Applied Credits. Simply find the one, or ones you wish to unapply and click on the check mark next to it to make the check mark disappear. The credit will no longer be applied or tied to that invoice. For Vendors, i.e. bill payments, it is not as clean and simple. The only way to unapply a credit in such a case is to Delete the credit. You can then
Read more

QuickBooks Password Protection

QuickBooks now requires your employees to enter a password to view their pay stubs when you e-mail them. QuickBooks generates the passwords automatically; each password consists of the first four letters of the employee's last name followed by the last four digits of their Social Security number. Examples Name:                            SSN:                         Pay Stub Password: Ben Narramore              855-56-4545             narr4545 Deb D'Spain                  782-34-3419             dspa3419 Jimmy Wu                     903-88-7465             wu7465 Note that all characters must be entered in lowercase and punctuation characters are not included in the password. When a last name has fewer than four characters, the whole last name is used (like in wu above) but no additional characters are added. You will need to inform each employee of this new password requirement
Read more

Employee Salary/Wage Rate Report

Image
Welcome to another QuickBooks Gal Minute. I'm Jayne Miller, The QuickBooks Gal. Do you need to produce a report by Employee that lists only Employee Name and Wage Rate? In QuickBooks that's easy! Here's how to modify a standard report to include the data you want to report. In the top tool bar, select Reports Select Employees & Payroll Select Employee Contact List from the drop-down list Once inside the report, select Modify Report in the report tool bar In the "column" section, remove the check marks from the information choices you don't need. In the "column" section, place a check mark next to "Employee" In the "column" section, place a check mark next to "Earnings/1 Rate" This will customize the report to include only employee names & salary/wage amounts. As you explore the Modify window, you will find that there are many useful information options you can use to create really great custom reports...by the
Read more