what "type" of account are these?

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...
Reply to
Bamboo Sticks in Gelly
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Liability account.

Bank accounts (deposit and interest) are Assets.

Accounts payable is a subledger account used when you have credit accounts with suppliers or vendors. Eg. the guy who sells you computer parts and lets you take 30 days to pay him. You total up all the money owed to all your vendors and that total is posted to the Accounts Payable control account (a liability account) on your General Ledger.

YOu want to set up Salaries/Bonuses (one or the other) Payable as a Current Liability.

YOu want to click on the Accounts icon at the top of your screen. YOu should get a list. On the bottom you have 3 tabs. Click on the Account tab on the left. Then click on New at the top of the fly out menu. In the Type drop down at the top select Other Current Liability. In the Name box, type Salaries Payable (or Bonus Payable if your accountant classifies this payment as a Management Bonus rather than a Salary). Everything else is immaterial. Click OK.

You've added a GL account.

Reply to
S.M.Serba

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