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elbanditoroso's avatar

Accountants, what does "Quarterly 45" mean to you?

Asked by elbanditoroso (33134points) November 8th, 2023
7 responses
“Great Question” (0points)

I was talking to a new customer today that told me their accounts payable payment schedule is “Quarterly 45”.

Can you explain this terminology?

(I assume it means 45 days from the end of the billing quarter, is that correct?)

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Answers

zenvelo's avatar

It is for reporting to the Dept of Labor:

Each calendar quarter, the law requires liable employers to report their payroll and pay unemployment insurance contributions. They do this on the Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return (Form NYS-45), which must be filed online . This applies even if the wages are not subject to contributions or withholding under the Personal Income Tax Law.

elbanditoroso's avatar

@zenvelo that can’t be right. This has nothing to do with people or labor, this is paying for a product.

LadyMarissa's avatar

When companies must announce The timing of earnings reports varies a little depending on the details. The old standard required that companies must file earnings reports no later than 45 days after the end of their first three quarters, and both quarterly and annual reports are due no more than 90 days after their fiscal year ends.

NYS-45 Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return.

SnipSnip's avatar

Zenvelo’s answer pertains to New York State.

snowberry's avatar

I’ve never lived in New York, and I’m not an accountant. Someone please explain in simple words what this quarterly 45 means if you are selling them a product or a service.

Does it mean if you sell to them that you must wait to the end of the yearly quarter to be paid for what he buys from you? That can’t be right!

RedDeerGuy1's avatar

I thought that It was the 45th president of the United States.

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