Automatic Deduction Posting Features and Functions
If the system has the ability to calculate employee and employer taxes automatically, it should take the process one step further and post these liabilities to the appropriate liability and expense accounts. Many systems will post the liabilities as liabilities. Truly efficient systems will post the tax liabilities to accounts payable so that the checks can be printed automatically at the appropriate time.
- To expense account
- To liability account (not A/P)
- To accounts payable
Data Input and Cost Distribution Features and Functions