I want to Debit the Salary/Bonus Payable 20,000.00 I want to Credit the BANK account 20,000
What type of account in QB is the Salary/Bonus Payable ?
I don't have the payroll module. The BANK is a BANK type.
Again, what type is the Salary/Bonus Payable ? is it a account payable type? or a liability type ?
How can i set it up?
Shouldn't the posting for the payment look like this:
>
> DR Salary/Bonus Payable 20,000.00
> CR Bank 20,000.00 >
> Of course using the Write Cheques/Make Payments function.
>
> This would effectively "reverse the accrual", wouldn't it?
>
> Alternatively, the OP would be wise, if using the Payroll module, to cut
> himself a payroll cheque, and making sure to account for all payroll taxes
> due various levels of government. This is assuming this is what the OP
> usually does, rather than just taking the 20K and paying the taxes on it > at
> tax time...