My Taxes Payable account is not showing the actual taxes owed because my beginning balance was lower than the taxes owed, so therefore, when I paid the taxes for the final quarter of 2004, it made my balance a negative one. I'm sure that I had something that was not set up properly that caused this. The amount being credited each payroll period is correct, so I believe that everything is set up correctly now. What do I need to do to correct the problem so that the liability account shows the correct amount owed. Also, could this be effecting my bank reconciliation in any way? Every since upgrading to V9, I have been unable to reconcile. I never had any reconciliation problems using V8.5.
One way to fix the taxes payable problem would be to do a journal entry to credit the taxes payable account and debit your fund balance account unless you know the other account that was incorrect to debit.
If your bank account was reconciled prior to conversion you should be able to reconcile it now. You will need to go back to the first statement you received after converting, reconcile it, and then work forwards.
The amount being credited each payroll period is correct, so I believe that everything is set up correctly now. What do I need to do to correct the problem so that the liability account shows the correct amount owed. Also, could this be effecting my bank reconciliation in any way? Every since upgrading to V9, I have been unable to reconcile. I never had any reconciliation problems using V8.5.