A liquid aspirating and dispensing apparatus and method of using the apparatus. Among other elements, the apparatus includes a liquid handling device having one or more channel members, each of which has a removable liquid holding tip attached, and a signal transmitting device. A signal transmitted from the signal transmitting device may be used in a variety of ways to yield information regarding the performance of the apparatus. This information may be provided via direct detection of the signal by an operator of the apparatus. Alternatively, the signal may be detected by a programmable signal detecting device, interpreted by the apparatus, and then displayed in a form that is understandable to the operator. Furthermore, the liquid holding tip may be modified to enable different forms of signal transmission.