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Richie

Payroll Tax Deposit Processing (Is there a better way?)

SUGGESTED
Posted By

I have to make federal and state (California) payroll tax deposits on a weekly basis. 

I use the Federal & State Filing (5-4-1, 5-4-2) reports to calculate my deposits, and then file using Aatrix.

But then I have to create an AP invoice (4-2) of the tax deposit amounts and then "pay" the invoices to match the tax deposit.  

This seems a little redundant (that Sage calculates the amounts for me, but I still need to manually enter the transactions).  Is there an automated method that I haven't figured out?

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    SUGGESTED

    I set up recurring JE's in 1-4 using banking category of check so they appear in the right section for the bank recs.  I set the cycle for 7days if its weekly and the date updates after I post them.  The only thing you have to update is the amounts each week.  I have mine as one record for EFTPS and one record for State.  And my GL accounts are broken down by subaccount for each tax.  Hope this helps.

    I also do this for any automatic withdrawals from checking.  And use recurring payables for employee medical, union benefits, insurances, rent, etc.

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  • 0
    SUGGESTED

    I set up recurring JE's in 1-4 using banking category of check so they appear in the right section for the bank recs.  I set the cycle for 7days if its weekly and the date updates after I post them.  The only thing you have to update is the amounts each week.  I have mine as one record for EFTPS and one record for State.  And my GL accounts are broken down by subaccount for each tax.  Hope this helps.

    I also do this for any automatic withdrawals from checking.  And use recurring payables for employee medical, union benefits, insurances, rent, etc.

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