1. In K2, under Setup, go to Remittance and choose Remittance Payments.
2. View the report In Summary.
3. Go to QuickBooks, and go to “Write Checks” under “Banking” on the bottom right-hand side.
- Here is where you will enter the vendor, date, amount, and split out line by line everything under the Total Subject to Standard Royalties.
- Under Expenses, you will change the amount on each line until you get to the last line.
- Splitting line by line clears out your other current asset/liability accounts that were used with the IIF download.
4. Now in K2, In the Remittance Payments, approve the week ending for payment by selecting the check mark.
- This should be done weekly.
- The Weekly Remit Report Is finalized for that week on Sunday mornings.
- Payments are only transferred on Wednesday mornings (MST). If you approve the week after it has already been pulled, it will stay In a Pending Status until the following Wednesdays Electronic Funds Transfer (EFT) pull.
- Enter the payment recording in QuickBooks the day you approve it for payment.
- Put the week ending date as the check number for easy reference. EX: EFT1/28/23
- Double check that your expenses amount equals the total amount due entered on the check.