California Employers: The beginning of every year you will want to make sure you update your State Unemployment Tax (SUTA) and Employment Training Tax (ETT).
QuickBooks normally updates all your rates for you. Unfortunately, EDD assigns each employer a rate. QuickBooks doesn’t have access to these rates.
If you are looking for the Online version of this video click here.
Updating SUTA & ETT Tax for QuickBooks Desktop:
- Go up to “Lists”
- “Payroll Item List”
- Find State unemployment, double-click
- Click “Next”
- Click “Next” again
- Change “Company Tax Rates”
- Click “Next”
- “Payroll Tax Rate Change Warning” pop up screen
- Click “Change”
- Click “Next”
- Click “Finish”
**ETT Rate depends on whether your unemployment rate is high or low
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I’d love to hear in the comments below – did this video help you update your rates in QuicBooks? 👇
How do you zero out intercompany accounts if you don’t want to pay back the borrowed funds.
Andree,
You’ve been on my mind. Have you figured out the intercompany adjustments?
The process is this: you would do a J/E in each company to move it from the “asset/bank” account you created to the Receivable or Liability depending on who owes money to whom.
If you Cr the Bank/Intercompany account to zero it out you would DR the “receivable account”. If you Dr the Bank/Intercomapny account to zero it out you would CR the “Payable account”. Does that make sense?
You would need to do the adjustment in each company file.
Candus