Set-up Payroll Items
I am taking Accounting Capstone Project with Quickbooks class (DM Yard Services) In April of the project I use custom set-up to add new payroll items such as Social Security- Employee: deduction payroll item, U.S. Treasury-agency for employee-paid liability with FICA payable liability account.
For Social Security-Employer and Medicare- Employer that are company contribution, the textbook requests the liability account (employer-paid) is FICA payable, FICA Tax Expense (new account:Expense) and the agency to which liability is paid is U.S treasury. I create each payroll item under the account as follows:
Account name: FICA payable and FICA Tax expense
Account Type: Expense
However, the QB system rejects it. What is the correct account name I should imput for each payroll item?
For Fed. Unemployment (company contribution): U.S Treasury, FUTA Payable (new account: Other current liability) and FUTA Tax Expense (Expense new account). (Text book requests)
- Do I have to create two account under US Treasury which liability is paid to.
The add new payroll item- Agency for empployer-paid liability page accepts only one liability account to be created.
Please help me.