Pay payroll taxes and liabilities?

August 25, 2010 16 comments

When you want to pay payroll taxes and other liabilities, QuickPayroll shows you all of your current liabilities, lets you choose all or just some of them to pay, and creates checks to pay them. You can also add penalties and expenses to these checks.

Before you can pay these liabilities, you must have an agency name associated with each liability. Usually these agencies are tax agencies, but they may also be a bank or an insurance company. To set up the agency names, enter the agency name in the “Agency for (Payroll Item)” window of the Payroll Wizard for the payroll items you use to track payroll liabilities.

Grouping Assets

August 12, 2010 8 comments

Assets are grouped in order of liquidity, not only because it makes sense but also because liquidity is the lifeblood of a company. Liquidity refers to the ease in which an asset can be converted to cash. Cash is therefore the most liquid of all assets.

Assets that are very liquid are shown on the balance sheet as current assets. Current assets are assets that are expected to be converted to cash in 12 months or less. Those assets with convertibility exceeding twelve months are considered to be illiquid and are categorized as fixed or long-term assets.



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