- Social Security Company

Social Security Company type payroll items are used to accrue the company portion of social security tax. You may have only one item of this type in a company file.

Lookup—Enter a brief identifier for the payroll item. It can be any desired alphanumeric combination. Each Lookup must be unique. It should not be more than seven characters.

Description—Enter a meaningful description in this field. 

Expense Account—Select a default expense account from the drop-down list. This account will only be used if the FICA Expense Account field in the Payroll Department is set to On Item.

Liability Account—Select the appropriate general ledger account that should be credited for the accrual. Any type of account may be selected. If you want the system to create a payable invoice for this deduction, you must select a liability classification account.

Payable To—Select the desired payee if you want the system to create a payable invoice for this deduction.