Paying Other Liabilities
I collect monies for affiliated organizations and record the receipt as "other Liabilites". When it is time to pay them, why can't I create a payment that provides detail like when paying payroll taxes?
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04/22/12 4:18pm PDT
Viewed by asker 05/02/12 9:15am PDT
Viewed by asker 05/02/12 9:15am PDT
3 Replies
qbteachmt
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Mod/Co-mod
04/23/12 11:19am PDT
You can.
When you charge them, you should be using an Other Charge type of item linked to that liability account. You can have specific, multiple, clearly identified items for the various charges.
You create a custom transaction detail report, filter for the liability account. Set it to show the items. Set it to total by name or item, or create one version of each perspective. Retitle and Memorize your custom reports.
Now, when you pay out, you use the same Items on the Items tab, and list the various liability amounts you are paying out.
Item reports and that custom liability report will show the amounts accrued and paid and show the balance, per name or per item.
Another option it to use various subitems of your parent item and link them to various subaccounts of the main liability account. You still create custom reports to manage the data and you still use the same items when paying out.
The reason the payroll liabilities work so well is, the liability Items are accruing and then are used for the payout. You should do the same thing: items to accrue, items when paying.
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04/28/12 1:48pm PDT
I followed this all the way up to the
"Now, when you pay out, you use the same Items on the Items tab, and list the various liability amounts you are paying out.
Item reports and that custom liability report will show the amounts accrued and paid and show the balance, per name or per item..."
The report is the detail I'm looking for, but I don't see how to generate the check & supporting detail
qbteachmt
Questions asked: 113
Questions answered: 54406
Points earned: 133744
Questions answered: 54406
Points earned: 133744
Accountant Community AllStar
Advisory council of Accountant community power users.
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
04/29/12 12:30pm PDT
Latest post
The solution
Reports:
Custom Transactaction Detail reports.
Filter for the liability account.
Set to total by something that is meaningful to this report: item, name, customer, whatever you need.
Title it.
Memorize It.
Make another version, until you have all the reports you need to be able to analyze the data.
By using the item(s) to accrue and to pay, then Item reports will show you the activities.
By using custom reports totaled by item and/or name, you see running balances.
Generate the check to pay it out:
Write Check; click on Items tab; list the same item you used when accruing the amounts. You can read about this in the Help system. It is the same method used for Customer Deposits, Customer Prepayments, Retainers, or Retainage. Search on any of those keywords. You can see it in the sample file "product-based" as this is Rock Castle Construction and they have retainage items.
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