Note: If you are outsourcing your payroll, they may be handling this task for you.
In this task, you will verify that your payroll tax has been recorded. Make sure that you verify all entries received are entered according to your payroll vendor.
- In AccountEdge, click Find.
- Click the Account tab and review the “Payroll Taxes Payable Ending Balance” for the month you are transmitting. Verify that the balance is zero.
Note: Be sure to update “Dated From” and “To” to reflect the month you are transmitting.
Review the tax liability report in order to confirm that you entered the federal deposit for the current month’s payroll for your IRS Form 941 deposit. These are filed electronically using the Electronic Federal Tax Payment System (EFTPS). Go to eftps.gov for information or contact your Market Center CPA.