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SECTION 8 - Liabilities
This section discusses creating the Liability
Payment.
For payments that occur on a regular basis (e.g.,
941 liability payment, 401K deposit), we recommend that you create
a default payment to use whenever you write a check for the payment.
Creating the Liability Payment
In the Liabilities tab window, click the New
button located below the Payments list.
Enter the general information for this payment.
Title: Enter a descriptive name
for your payment.
Pay to and Address:
Enter the name and address of the payee.
Note: In order for the address to print on
the check, the checkform template you use must have an address
field on it.
Memo: What you enter in the optional
Memo field is recorded with your transaction in the check register,
it does not print on the check.
Remind: Click the Remind
button if you want to create a reminder for this payment. For
details, refer to "Setting up reminders" on page 11-3.
Select (
) the payroll items you want included in the payment. This step
is very important because the program calculates the amount of
the payment based on what payroll items you select. To select
an item, click the name of the payroll item and a Checkmark
will appear next to the item name. To deselect a payroll item,
click the item again. You can set up to a maximum of ten payroll
items to include.
From the Report type pop-up menu,
select the type of report the payment is associated with. The
Report type option allows you to track the amounts of your payments
(e.g., 941 tax deposit) for specific reports (e.g., Form 941).
None: Select this option if you
are setting up a payment that does not appear in the pop-up menu
(e.g., 401K Plan). The title of the payment will be used in the
Payment History window.
Frequency: Select how often you
make this payment.
Click OK.
A dialog will appear that displays the payment settings.
Click Continue if the settings are correct or
Cancel to go back and correct them.
The title of the payment is added to the Payments
list. For details on using payments when writing checks, refer
to ###"Writing/printing liability checks" in chapter 7 of the
User Guide.
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