4 Clearing Bank - Revision history

Angelica at 00:16, 11 December 2014

2014-12-11T00:16:19Z

Simon Clive at 07:09, 29 December 2011

2011-12-29T07:09:37Z

Simon Clive: Created page with "Clearing Bank Do you understand why the Payroll Bank is used as a Clearing Bank Account Only? When a 'Pay Staff' has been run, the payments are allocated by default to the 'Pay..."

2011-06-29T23:05:49Z

Created page with "Clearing Bank Do you understand why the Payroll Bank is used as a Clearing Bank Account Only? When a 'Pay Staff' has been run, the payments are allocated by default to the 'Pay..."

New page

Clearing Bank

Do you understand why the Payroll Bank is used as a Clearing Bank Account Only?

When a 'Pay Staff' has been run, the payments are allocated by default to the 'Payroll Bank' account within ERP. This
account is a clearing account therefore the funds need to be transferred regularly between Payroll Bank and the actual
Bank Account where the wages are being debited from.

NOTE: Under no circumstances should the Payroll Clearing account be replaced in preferences with an actual
Bank account as these transactions will not be reconcilable as a bank account.

Please refer below for instructions on creating the Journal Entry for the transfer.

Select the Accounts tab
Select the Journal Entry button
Select the Payroll Bank account from the drop-down Account list.
Debit from the Payroll Bank the total amount that has been posted to this account and has been paid out of your
Bank Account.
Credit your Bank Account (the actual account the payroll funds have been debited from).
Select 'SAVE'

@@ Line 1: / Line 1: @@
-'''Clearing Bank'''
+'''Employee Payroll Accounts'''
-Do you understand why the Payroll Bank is used as a Clearing Bank Account Only?
+'''Employee Payroll Accounts- Do you need to set specific payroll accounts for each Employee or leave as Default?'''
-−
-When a '''Pay Staff''' has been run, the payments are allocated by default to the '''Payroll Bank Account''' within ERP. This account is a '''Clearing Account''' therefore the funds need to be transferred regularly between '''Payroll Bank '''and the '''Actual''' Bank Account where the wages are being debited from.
-−
-'''N.B.''' Under no circumstances should the Payroll Clearing account be replaced in preferences with an actual Bank account as these transactions will not be reconcilable as a bank account.
-−
-Please refer below for instructions on creating the Journal Entry for the transfer.
-−
-Select the Accounts tab Select the Journal Entry button Select the Payroll Bank account from the drop-down Account list. Debit from the Payroll Bank the total amount that has been posted to this account and has been paid out of your Bank Account. Credit your Bank Account (the actual account the payroll funds have been debited from). Select 'SAVE'