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US PAY: Payment of taxes to taxing authorities
I need help with the following:
When a payroll is run, the payroll process creates all the liability entries in the general ledger for the various state and local taxing authorities. Currently, in order to pay the taxes we are generating wire transfers outside the system. Operating is approximately 25 states with many local authorities, this is quite a process each week when the payroll is run. At month end, these amounts are entered into the general ledger by journal entry to relieve the liability and cash accounts. Is there functionality in the system that would record the liability as a payable to the appropriate taxing