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Re: Too much FICA withholding

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February 24, 2014 08:30AM
You can make a journal Entry to correct this and offset to Equity.

Here are the steps to follow:

1. Go to Accounting - GL - Input Journal Entry.
2. Scroll through Liability section and check the box for the correct PR TAx Payable account that needs to be reduced.
3. Enter the dollar amount for the adjustment. Click the Debit button.
4. Then scroll to the Equity section. For Proprietorship books select the Account called Equity - (Owner Name) or for Corporation, click on the Retained Earnings - Unappropriated.
5. Enter same dollar amount and click the Credit button.
6. Enter the oldest accounting date of books still open. Enter the description and click Record and Done.


Hope this makes sense.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Too much FICA withholding

Earl WFebruary 09, 2014 05:56PM

Re: Too much FICA withholding

KathyClineFebruary 10, 2014 08:58AM

Re: Too much FICA withholding

Earl WFebruary 22, 2014 05:43PM

Re: Too much FICA withholding

KathyClineFebruary 24, 2014 08:30AM



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