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Old 04-01-2007, 10:57 AM
Clockman Clockman is offline
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Entering YTD Payroll amounts mid-year

I just started at a new company that has been using Quickbooks to pay vendors and employees. The previous bookkeeper was using the "Write Checks" tab to pay employees rather than the payroll section.

I am going to use the payroll department. I have run reports on the 8 employees and determined all YTD salaries and deductions. I went into payroll setup and completed each step required to enter the data. At the end, it asked me if I wanted to update the liabilities and bank accounts with these numbers and I said "no". My question, is this the correct action as all the collected taxes have been paid so far YTD and deducted from both the liability and bank accounts?

Also, since using payroll in QB is new to me in this manner (I used an outside p/r service prior to this for taxes, etc.) I noticed it is deducting SUTA and FUTA. Are these paid through the 941 reporting done online and by phone (yes, she's reporting via phone still!)? Is FUTA rolled into the Fed, FICA, Medi numbers that are reported, or do these have to be reported separately?

Thanks, Chris the Clock man.
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Old 04-01-2007, 03:21 PM
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lisa_mn lisa_mn is offline
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If it's deducting SUTA and FUTA, then something is set up wrong. It should be expensing those two and creating the corresponding liability.

FUTA gets reported on the 940 annually. You have to deposit FUTA when you hit $500.

I would encourage you to enroll in the EFTPS system for paying federal taxes online - it's very convenient. www.eftps.com
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Old 04-01-2007, 09:08 PM
Clockman Clockman is offline
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Thanks Lisa. I'll check to make certain it's expensing it and setting up a liability. Does the rest of the question sound proper? I told QB not to affect the accounts as the taxes were already paid. Thanks, Chris
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  #4  
Old 04-02-2007, 02:46 AM
Joe Williams Joe Williams is offline
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Since you have paid the payroll liabilities, it was correct to answer "No". QuickBooks accumulates the SUTA and FUTA at the time of the paycheck. Run the payroll summary report for this year and check the amounts. Once the Wage Base reachecs the limits for SUTA and FUTA the accumulation will stop.
And NO, the FUTA is not rolled into Social Security and Medicare amounts. However the default account for ALL of the payroll liabilities is the Payroll Liability account and is reported by the payroll items. You can edit the payroll item and change the liability account for each of them if you want to see them seperatly on the balance sheet reports.
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