FICA Tab of Payroll Setup Form

Use the FICA tab to enter FICA account information.

Field	Description
FICA	Enter the account that is debited during payroll processing for your company’s portion of the FICA expenses. For example, enter account 721.00 - the employer’s FICA account in the standard chart of accounts. If you enter an indirect expense account, such as account 721.00, the following fields are required: Project — Enter the project name or number of the project charged for your company’s portion of FICA expenses or click and select the project. Phase — If phases exist, enter or select the appropriate phase. Task — If tasks exist, enter or select the appropriate task. If your company distributes taxes by organization, you specify this account for each organization on the General tab of the Individual Organization Setup form.
Post FICA to AP Voucher	Select this option to post the employer's portion of FICA contribution as a journal entry. When you select this option, you must specify the following information, which `Vantagepoint` uses when generating the accounts payable voucher: Vendors — Select the vendor number to use on the accounts payable voucher. Enter the number or click and select a vendor from the Vendor lookup. AP Liability — Select the accounts payable liability code from the drop-down list. This determines the account that `Vantagepoint` uses for the voucher posting. Bank Code — Select the bank code to use for the posting from the drop-down list. Address — Select the vendor address to use on the accounts payable voucher. When this option is selected, an accounts payable voucher is generated each time a payroll run is posted. The automatically generated accounts payable voucher file is named as follows (FICA - [Accounting Period]- [Sequence Number]. For example, the file name could be FICA-2014-12. The automatically generated accounts payable voucher file contains the following information: Vendor, AP Liability, Bank Code, Address, as entered on this tab Invoice number, as entered in the Employer's Identification Number field on the Form-W2 Processing form The payroll date of the payroll processing run The payment date of the payroll processing run The voucher date, which is the same as the payroll date of the payroll processing run

Field

Description

FICA

Enter the account that is debited during payroll processing for your company’s portion of the FICA expenses. For example, enter account 721.00 - the employer’s FICA account in the standard chart of accounts. If you enter an indirect expense account, such as account 721.00, the following fields are required:

Project — Enter the project name or number of the project charged for your company’s portion of FICA expenses or click and select the project.
Phase — If phases exist, enter or select the appropriate phase.
Task — If tasks exist, enter or select the appropriate task.

If your company distributes taxes by organization, you specify this account for each organization on the General tab of the Individual Organization Setup form.

Post FICA to AP Voucher

Select this option to post the employer's portion of FICA contribution as a journal entry.

When you select this option, you must specify the following information, which Vantagepoint uses when generating the accounts payable voucher:

Vendors — Select the vendor number to use on the accounts payable voucher. Enter the number or click and select a vendor from the Vendor lookup.
AP Liability — Select the accounts payable liability code from the drop-down list. This determines the account that Vantagepoint uses for the voucher posting.
Bank Code — Select the bank code to use for the posting from the drop-down list.
Address — Select the vendor address to use on the accounts payable voucher.

When this option is selected, an accounts payable voucher is generated each time a payroll run is posted. The automatically generated accounts payable voucher file is named as follows (FICA - [Accounting Period]- [Sequence Number]. For example, the file name could be FICA-2014-12.

The automatically generated accounts payable voucher file contains the following information:

Vendor, AP Liability, Bank Code, Address, as entered on this tab
Invoice number, as entered in the Employer's Identification Number field on the Form-W2 Processing form
The payroll date of the payroll processing run
The payment date of the payroll processing run
The voucher date, which is the same as the payroll date of the payroll processing run

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FICA Tab of Payroll Setup Form

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