A couple of questions about the liability adjustment feature in Quickbooks (QB) and its proper use. I'm not sure if I have used it in the correct way and really appreciate your thoughts:
1. A pension liability payment was overpaid by mistake by £500 and so the pension provider reduced the next months bill by £500 pounds.
I used the liability adjustment feature to deduct £500 from the next months pension liability account ( calculated during a payroll run in QB) so that QB refects what has actually been paid. Is that right?
2. A manager made a £3000 payment to our pension provider as apparantly the pensions hadn't been paid for 2-3 months ( a member of staff has been off work). However, and i find this strange, I don't see in quickbooks' pension liability account £3000 ( or 2 x £1500). So, all i see is £3000 on the bank statement but nothing in QBs pension liability account that exactly matches. How would you deal with that? I could add an adjustment liability to the pension liability account to show we did pay £3000, but quickbooks has calculated these pension liabilities during the payroll runs and i don't want to change them. Statements from the pension provider do confirm that £3000 is owed.
