Century 21 - 1936 Message

[progoldi2]

Dover Real Estate

Good morning,

1. I printed an income statement for my accountant. Unfortunately, it does not print the expenses that I made from paying FICA, FUTA, State Withholdings, Federal Withholdings, etc. When I originally set up the chart of accounts, I was told to set them up under the Liability tab. When I print the Income Statement, liabilities are not shown. How do I get a list of what I paid each year, and should they be listed as Liabilities?

2. What form do I use to see all the expenses I paid each year? Is it the Income Statement?

Your immediate attention is most appreciated since my accountant is standing by. This is the 1st full year are using ProGold for ALL of our reporting.

[admin]

Franklin Real Estate

FICA, Federal and State Withholdings are not expenses. Balances for these iems are recorded in liablity accounts. Liabilty accounts are shown on the Balance Sheet not the Income Statement.

The only items that should show as expense is the Employer portion of FICA (SS and Medicaire) which should be recorded under the Payroll Tax expesne account.

[progoldi2]

Milford Real Estate
Thanks for the information and I appreciate you explaining. This makes perfectly good sense. If they are a liability, then how do I show that they are paid each pay period so that the Liability does not accrue each year? Secondly, as for the Employer portion of SS and Medicaire as well as FUTA, State unemployment I was told to set it up as a Liability when we set up the Chart of Accounts. Obviously, this does not seem correct, so do you have any suggestions as to where on the Chart of accounts I set this up. Your help is welcome. Feel free to call if you like.

[progoldi2]

Milford Real Estate
Thanks for the information and I appreciate you explaining. This makes perfectly good sense. If they are a liability, then how do I show that they are paid each pay period so that the Liability does not accrue each year? Secondly, as for the Employer portion of SS and Medicaire as well as FUTA, State unemployment I was told to set it up as a Liability when we set up the Chart of Accounts. Obviously, this does not seem correct, so do you have any suggestions as to where on the Chart of accounts I set this up. Your help is welcome. Feel free to call if you like.

[progoldi2]

Westwood Real Estate

I will do so, although I am a bit confused. Let me try this and see what I can do. Do I have to reenter all the previous transactions all over since it is obvious I was entering the employer paid section in the wrong area?
Thanks for all your help.

[admin]

Westwood Real Estate

No, you do not need to re-process your transactions. If wrong, you need to correct the G/L currently assigned so that future transactions are recorded correctly.

Record the G/L account you had assigned and use the General Ledger icon to identify what transaction amounts were recorded in it for the period in question. You can then enter a manual adjustment to cancel out the amount in the wrong G/L and populate the correct amount in the New G/L account assigned.

Do the following to use the General Ledger icon:

Main Menu => Accounting => General Ledger icon