PS: How to Configure Payroll Tax Accruals

Use this workflow to set up the accrual of your payroll taxes or payroll burden by either posting a standard tax percentage rate for all departments or posting individual percentages to each payroll tax line.

Prerequisites

Before you begin: 

• Both options require initial setup by the ProfitSword team.
• If posting one standard amount, you must first discuss with ProfitSword which line item in the PTEB you wish to post the amount to in the payroll accrual batch.
• If posting individual percentages, you must supply ProfitSword with a list of the individual accounts for each department during the initial setup.

The Steps:

Option 1: Post a Standard Tax Percentage

1. Navigate to Admin > System Options.
2. Enter the standard percentage amount for all departments.

Option 2: Post Individual Percentages

1. Navigate to Accounting > Payroll Accrual Taxes.
2. Enter an effective date and a rate into each payroll tax line.
3. Click Save.
4. Click the Option icon to navigate to other departments, as this must be set up for each department and each property within the company.

The Result:

• Success: When a new payroll accrual batch is created, the payroll taxes will automatically post to either your single established GL or the individual tax lines at the rates you just established.