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  • payroll liabilities

    Hello all, I just started at a company and none of their payroll liabilities are posted into the computer even though they still owe them, when posting them to quick books payroll liability account, the computer automatically posts the dual entry to a bogus account, opening balance equity, where should it really go? Please help me with right guidelines.
    Arizona Quickbooks Payroll

  • #2
    Originally posted by candylady11 View Post
    Hello all, I just started at a company and none of their payroll liabilities are posted into the computer even though they still owe them, when posting them to quick books payroll liability account, the computer automatically posts the dual entry to a bogus account, opening balance equity, where should it really go? Please help me with right guidelines.
    It would have been a lot better to start your own thread for this, especially since it does not seem to have a thing to do with the original post.

    Hopefully, a moderator will move your post to its own thread.

    I am no accountant and barely understand the basics of accounting, but we do use QuickBooks. Our CPA has not complained about how I have set up the accounts, but we have expenses for wages (net pay), FICA (employee), FICA (employer), FUTA, SUTA, federal and state income taxes withheld (separated) and various other deductions (such as DHS garnishments, advance pay collections, etc.).

    If you are talking about adjusting the General Ledger, you will need to get help from someone better than I am at that. I attempt it only at gunpoint and get it wrong half the time. It is a wonder no one has pulled the trigger yet.
    Last edited by ScottB; 01-26-2008, 10:10 AM.
    Senior Professional in Human Resources and Certified Staffing Professional with over 30 years experience. Any advice provided is based upon experience and education, but does not constitute legal advice.

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    • #3
      I am in the opposite position as Scott. I am an accountant but have never worked with a company small enough that Quick Books or a program like it was a possibility. Something does not make sense however. What exactly is your job? Not knowing QuickBooks is one thing - that is what manuals and weekends are for. QB is a well known and respected program and in common use for small businesses. Learning is just a function of putting the time in.

      Not knowing accounting is something very different. If you are the accountant you should know how to do these things and if you are not, then you urgently need to talk to whoever is the accountant for your company. Talk to the owners ASAP if you are not sure. Accounting is not really a DIY project. It is something that you get a 4 year degree to learn how to do it.

      I have previously used accounting-for-non-accountants books to help train AP and PR staff in the basics of accounting, but reading a starter book does not make a person into a qualified accountant (or any other professional specialty). You might note that Scott uses a CPA and that his work is being reviewed. A bad setup in the accounting program implies that all downstream work is potentially flawed. The correct answer is to have someone who knows what they are doing to fix the accounting programs setup instructions, and makes sure that the people who keep the books have a clear path to follow.
      "Reality is that which, when you stop believing in it, doesn't go away".
      Philip K. **** (1928-1982)

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      • #4
        Originally posted by DAW View Post
        A bad setup in the accounting program implies that all downstream work is potentially flawed. The correct answer is to have someone who knows what they are doing to fix the accounting programs setup instructions, and makes sure that the people who keep the books have a clear path to follow.
        Yepper! A few years back, our CPA gave me a sheet that showed what corrections I needed to make on the books. I was clueless and told him so. He came over and fixed the problem (for an outrageous charge ). It used to be that he reviewed our financials quarterly. Now he does not bother, but simply waits until he gets our figures for the year on CD. Saves him time for fishing and lets us put the savings on his fees to a more useful purpose, like my trip to Nashville in April!
        Senior Professional in Human Resources and Certified Staffing Professional with over 30 years experience. Any advice provided is based upon experience and education, but does not constitute legal advice.

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        • #5
          We go an intital WC computation based on salaries. In June we have an auditor come and calculate number of employees, verify the correct codes are used and uses the 941s to establish salaries for the previous year. Then, our payment is either increased or decreased based on how the June numbers compare with the January numbers. Yes, bonuses are indeed included (even tho they are not productive hours.)
          I find that the harder I work, the more luck I seem to have.
          Thomas Jefferson

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