Benefits payable
In accounting, benefits payable means what the employer owes a carrier or a plan: the employees' premiums and deferrals withheld from pay, plus its own share, until paid over. It should clear to zero at each month end, or be explained by a payment in transit.
Not a rule. Bookkeeping convention — ASC 405. US GAAP governs recognition, measurement and presentation, not bookkeeping mechanics. Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
For founders
The same idea written for a founder: what it costs a startup that ignores it, and what to do in a real month.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- payroll liabilities (the tax withheld)
- accounts payable
Also in Benefits
Defined in Lexicon. This page is generated from that document, so the two can't disagree.