Here’s a quick note about a QuickBooks total FUTA wages error. If you’re using an Intuit payroll product and QuickBooks desktop product from 2014 through 2011, you should compare the Schedule A FUTA taxable wages with the Total taxable FUTA wages in line 7 of Form 940. There may be a rounding error that results in these two values not matching.
I’m not 100% sure that this shows in all of these releases of QuickBooks. I’ve seen multiple reports that it shows in the 2014 and 2013 products, and at least one report for each of the 2012 and 2011 products.
Intuit says that this is a small rounding error, but in the example that a ProAdvisor provided to me, it was not just a few pennies difference.
Look at the value in line 7 (page 1, Form 940), in Figure 1:
- Figure 1: Form 940, Page 1, Line 7
Now, compare this to the value for FUTA taxable wages in the Schedule A worksheet, Form 940, page 3 (Figure 2):
The figure in line 7 should be correct. You can confirm that the value in line 7 of the Form 940 is correct by using the information at Intuit payroll KB article 2000212. If it is, then you can correct the Schedule A value to match that amount by right-clicking on that incorrect figure and choosing to override the amount.
Intuit is working on patches for this, but I’m not sure when these will be available.
Update 1/17/2014, 5:00 p.m.: Intuit announced this issue to ProAdvisors today as well, shortly after we published this article. Intuit explains the issue at http://payroll.intuit.com/support/kb/1003125.html – but it doesn’t talk about any updates that would resolve the issue. Intuit’s fix is essentially the same as I list here. In its article, Intuit refers to QuickBooks 2014, 2013, and 2012 only. In the notice that went out to ProAdvisors, the 2011 product was included as well.
Editor’s Note: This error was fixed in QuickBooks 2013 R12.
Editor’s Note: The fix is described in “QuickBooks 2014 FUTA Correction.”