Shouldn't a 941 refund check be posted to 3 separate tax accounts?
This is just a sample. I would normally ask that it be posted to 471, 461 & 463 below, because the 941 refund is a combination of all 3. What would be the cons or reprecutions for posting all to one account code?
PAYROLL & WITHHOLDINGS (430-459)
431 Accrued Wages
435 Vacation
452 WH-FIT (federal income tax)
453 WH-FICA (social security)
454 WH-FICM (medicare)
455 WH-SIT (state income tax)
ACCRUED EXPENSES (460-479)
461 AT-FICA
463 AT-FICM
465 AT-FUT (federal unemployment tax)
467 AT-SUT (state unemployment tax)
471 FIT
473 SIT
475 Property Tax
479 Other
This is just a sample. I would normally ask that it be posted to 471, 461 & 463 below, because the 941 refund is a combination of all 3. What would be the cons or reprecutions for posting all to one account code?
PAYROLL & WITHHOLDINGS (430-459)
431 Accrued Wages
435 Vacation
452 WH-FIT (federal income tax)
453 WH-FICA (social security)
454 WH-FICM (medicare)
455 WH-SIT (state income tax)
ACCRUED EXPENSES (460-479)
461 AT-FICA
463 AT-FICM
465 AT-FUT (federal unemployment tax)
467 AT-SUT (state unemployment tax)
471 FIT
473 SIT
475 Property Tax
479 Other