Use the Liability Payment window to review payment information that will be submitted with the payroll tax form, select accounts, and, if necessary, edit payment amounts.
In the top section of the Liability Payment window, review the following information:
The Period field shows the deposit period applied to the liability payment. This reflects the period displayed on the Payroll Center and on the form.
The default selection in the Bank Account field is the account you set up when you set up the scheduled payment. Only those bank accounts that have been set up for e-pay in QuickBooks appear in the Bank Account drop-down list.
If the agency allows, you to select another bank account for this e-payment, you can make another selection in the Bank Account field. More about setting up and changing e-pay bank accounts
The Current Balance field shows the current balance of the selected bank account. The payment amount will be debited from the amount in the Current Balance field in the QuickBooks Chart of Accounts.
If the agency requires additional information, such as the date on which the agency withdraws the payment and/or the reason for the payment, select an option in the following fields:
The Withdraw On field appears for certain scheduled payments that are set up for e-pay.
The date you select in this field is typically the date that the agency debits the funds from your bank account and settles the payment. However, certain agencies have specific settlement date guidelines you should be aware of. For example, if you have an outstanding payment due for a prior period, an agency may ignore the Withdraw On date and withdraw the funds immediately from your bank account.
For information about specific settlement date guidelines, contact the agency.
The Reason field appears for certain scheduled tax payments that are set up for e-pay. The field values are populated with reason codes that are unique to the payment and sent with the payment information to the agency.
For example, the Reason drop-down list for your 941 payment includes the following reason codes: Federal 941 Tax Deposit, Due with Return or Notice, or Assessed Deficiency.
If the agency doesn't apply payment reasons to your payments, the Reason field doesn't appear in the window.
In the Liability Payment Details section you can review the payroll liability amount and any expenses (penalties, interest, or fees) that are added on the form.
Edit liability payment amounts
Enter an expense (penalty, interest, or fee)
Add an expense account
Change the bank account
The Bank Account field displays only those bank accounts that have been set up for e-pay. If the agency allows you to select another bank account for this e-payment, you can make another selection in the Bank Account field.
How to set up or change an e-pay bank account