KOI Financial Policies and Procedures: Difference between revisions
JoshFreese (talk | contribs) →Washington State – Department of Revenue B&O: Added details for ESD and LNI Filings. |
JoshFreese (talk | contribs) →PFMLA Filing: Added details to ESD filings, and started a bit on the accounting system. |
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=== Accounting System - Xero === | === Accounting System - Xero === | ||
The accounting system used by KOI must contain the following functionalities: | |||
* User and Audit Logs of Logins, and transaction modifications. | |||
* Transaction Recording | |||
* Financial Statement Reporting | |||
* | |||
Xero is the Accounting System used by KOI. | |||
=== Fundraising Systems === | === Fundraising Systems === | ||
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==== PFMLA Filing ==== | ==== PFMLA Filing ==== | ||
KOI will need to determine what amount of the premiums will be paid by KOI, and what amount will be paid by the employee. Once those rates have been decided, the employer withholdings are expensed and put into a payroll tax liability, and the employee deductions are put into a payroll tax liability. At the end of the month following the end of a fiscal quarter, a summary of hours, payroll wages, and PFMLA withholdings is submitted to ESD electronically through a SAW account. A payment is sent to ESD by check or ACH option on the SAW Account. | |||
==== WA Cares Filing ==== | ==== WA Cares Filing ==== | ||
KOI will need to request if any employee wants to exempt themselves from WA Cares. The employee deductions are put into a payroll tax liability during every payroll. At the end of the month following the end of a fiscal quarter, a summary of hours, payroll wages, and WA Cares withholdings is submitted to ESD electronically through a SAW account. A payment is sent to ESD by check or ACH option on the SAW Account. | |||
=== King County === | === King County === | ||
No report currently required by King County. | |||
=== City of Seattle === | === City of Seattle === | ||
To remain compliant with the City of Seattle, KOI will file a business tax return with the City digitally via [https://www.filelocal-wa.gov/ File Local] .This report is due at the end of April of every year. | |||