Sudden addition to chart of accounts for Payroll Holding and re-appearing payroll tax liabilities
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Pamela Kyle
All of a sudden in October, with no notice, a new balance sheet asset account appeared, displaying taxes that had already been deducted from clients' checking account. Simultaneously, the payroll liabilities which had been considered PAID by the client at the time of the bank debit REAPPEARED as unpaid payroll tax liabilities. No advance notice, no opt-in, Intuit just suddenly altered customer balance sheets with no care as to their accounting method or prior period comparability. The fact that INTUIT had not paid the taxes yet should not reflect on the customer's balance sheet. I DO, however, want verification that Intuit has paid the tax agencies, but throwing it back on the balance sheet after it's already been paid by the customer is not how you go about it. And I still can't find any documentation of this change. If anyone else has a link, please share.
Intuit, please provide official information for how we should manage these accounts, and what we should expect from them.
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Sheri T
Keep a very close eye on QB payroll data. They are constantly making errors and the Indian team responsible for managing it don't have the first clue about payroll or accounting. After every payroll run for a client I run the Payroll by Employee report so that when QB makes changes to payroll or GL's I know exactly what the original data shows. They deleted 3 payroll transactions in ledgers for one of my clients and were never able to fix it and now I have to manually track the employee's payroll and will have to manually produce W2's at the end of the year because of the errors QB has caused.
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Pamela Kyle
Sheri T sounds like you should have a refund/account credit coming your way.
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Sheri T
Pamela Kyle Ha! As if QB would refund anyone for the amount of other people's time and money they waste. :-/