How do I set up payroll liabilities in QuickBooks?
A scheduled payment refers to payroll taxes or non-tax liabilities that square measure paid along at constant time to the constant agency. For example, you usually pay your federal withholding, Social Security and Medicare taxes from the constant time to the IRS. To constantly manage our payment we need to set up payroll liabilities in QuickBooks.
You can set up a timetable for financial liabilities that are on your representatives’ paychecks as well as consistently paid in QuickBooks Desktop. These can incorporate finance charges and representative advantages that are figured for in paychecks, for example, 401k or Health Insurance premiums.
Before you pay the payroll taxes as well as the other liabilities. You need to have names of payee associated with each liabilities. Generally, the payee is the tax agencies, but they might be a bank or insurance company as well.
Steps to set up payroll liabilities in QuickBooks
- Follow the steps in creating a liability check.
- select Make recurring.
- in the recurring check section:
- Enter a format name that will enable you to recollect what the risk installment is for.
- Set layout type to Reminder.
- Enter the # of days in which you need to be reminded about the installment.
- In view of the installment plan, select the proper interval for the exchange to be entered.
- Select the Start date and End date (assuming any) for the recurring check.
- Select Save Template.
To know more about Payroll liabilities or about any other topic related to QuickBook . Please contact customer support phone number. Dial +1-855-441-4417