Balance sheet balances don’t affect the closing entries. Only profit & loss balances do. The accounting behind the closing entry is an adjustment to reduce all the revenue and expense accounts down to $0 (which adds up to net income) and moving it to the QuickBooks created retained earnings account, even if you’ve re-named it something else. This allows you to start the new fiscal year with $0 revenue and expense balances.
Note: I normally rename my nonprofit clients' retained earnings account “Need to Allocate” since it needs to be allocated between your unrestricted, temporarily restricted and permanently restricted equity accounts.
You can void a paycheck after you send it to the Assisted payroll service. If the void is received after processing begins, tax funds may be applied to future payrolls in the same quarter. If the paycheck is in the last payroll of a quarter, tax funds may be refunded by the taxing agencies and an amendment may be required to correct tax filings.
If an amendment is necessary, contact QuickBooks Assisted Payroll support to start the amendment process. (You may be charged a fee for this service.)
Note: We recommend that you back up your data before you void paychecks.
To do this task:
- Go to Employees > Edit/Void Paychecks.
- Enter a date range in the Show paychecks from and through fields, and press the Tab key to display the checks.
- Select the paycheck(s) you want to void.
- Click the Void button.
- Check to make sure that VOID: is shown in the Memo column and the net amount of the check is now 0.00.
- Once you have read the message that appears, check the checkbox and click Continue. These messages vary based on the check date and the time you start the void process.
- In the Confirmation and Next Steps window, click Send Information to Intuit to ensure that your voided paycheck information is sent to the payroll service. You will need to provide your Payroll Service PIN.
- Click Done to close the Edit/Void Paychecks window.
When it's time to pay the improvement fees you've collected, use the sales tax module (Vendors > Sales Tax) in QuickBooks Pro.
I just wanted to let everyone know that my schedule's going to be a bit crazy this week because my mom died two days ago. She's been sick for quite some time so it's wasn't a huge surprise, but it was still a shock and there's much to do. My primary concern right now is making sure my 85-year old grandmother, who is really more like a mother to me, gets through this okay. Our friends and family must think the same thing because all day Friday I kept telling everyone I was at mom's and they kept going to my grandmother's. Life is so strange sometimes, isn't it?
I'm going to try to catch up on my missing blog posts this morning, before things get hectic, but I have no idea when I'll be able to post next week. And for the next few months, and possibly permanently, I'll only be available 6am-3pm (pacific time) so I can spend a few hours each and every day with my grandmother. Nothing is more important to me than her well-being right now
I love helping all of you with your QuickBooks problems, in fact catching up on my email this morning is the first time I've felt normal the last few days. Helping you is helping me handle my sorrow and regret (the regret is the worst), but if the last few days have taught me anything it's that family must come first. Luckily my schedule change will really only affect those of you on the west coast, and I'm truly sorry for that.
Please know I'm not abandoning you. I not only want to help you, I need to help you. It just may be hard to reach me this week. Early morning is probably your best bet.
If that doesn’t work, create a bank account called something like "clearing", pay the sales tax at Vendors > Sales Tax > Pay Sales Tax using the clearing account and then change the account you used on your credit card charge from sales tax payable to the clearing account. Just remember, the clearing account needs to be $0 when you’re done with all your transactions, otherwise something was entered incorrectly.
If it is the members equity account, you can just change the debit on the journal entry from retained earnings to members equity. But in the long run it might be better to rename it back to retained earnings since there’s no way to make QuickBooks stop posting your closing entry there. This, of course, means you’ll need to change all your transactions so they’re in the correct account, but after you’ve done that future closing entries should be just fine.
Also keep in mind that if delete the merchant account fees that are downloaded from the merchant center, instead of the fees you entered manually, they’ll just keep downloading every time you Make Merchant Service Deposits. Do if you have duplicate merchant account fees, make sure to delete the ones that were entered manually from your online banking download.
The easiest way to tell the difference is that the fees downloaded from the merchant account center have an ID in the memo field on the check. It'll look something like this: Fee ID=66335092. These are the fees you don't want to delete.