peachtree-software peachtree complete accounting 7.0 Quick Setup Guide

Page of 302
Tutorials
Getting Started Guide
136
3
Payroll Fields
Using payroll fields, you can track 401(k) contributions, tips, employee 
taxes, and employer taxes. You can even set up non-dollar amounts, like 
vacation hours, to be updated each pay period.
Payroll fields are holding places for any amount that must be updated by 
payroll processing.
Our sample company deducts Social Security, federal income tax, 
Medicare, and state income taxes, all of which are calculated by 
Peachtree Accounting based upon the appropriate tax table. The General 
Ledger accounts affected by payroll checks are generally liability 
accounts set up specifically to handle these kinds of deductions. You can 
set up allowances, such as a gas allowance, that is manually entered for 
an employee paycheck when applicable. Entering these kinds of 
allowances here saves time and ensures that the proper account is 
updated, no matter who in your office processes payroll.
If your payroll requires setting up additional payroll fields (for example, 
401(k), vacation, employee tips, commission, and so on), refer to the 
“Payroll” chapter of the User’s Guide. There are several examples you can 
follow to set up payroll fields.
Peachtree Accounting comes with tax tables for all 50 states. You tell the 
program the deductions and allowances you want it to calculate, and 
which table(s) you use for these calculations. 
The Memo check box is for payroll field amounts that are not posted to 
your company’s books, but to the employee records (for example, meal 
allowance and employee tips in the restaurant business).
Selecting the Run check box indicates that the amount in this field 
should be carried forward to the next year (for example, vacation or sick 
time).
3
Select the EmployER Fields tab.
These fields represent the employer portion of payroll entry including 
Social Security, Medicare, federal employment, and state 
unemployment.
If applicable, the company paid portion of State Disability (SDI) and 
401(k) matching contributions can also be set up here.
We’re going to see how the information in the payroll fields is used, 
together with the information stored in the employee file, when entering 
and posting a paycheck.
4
Press Cancel to close the window.