5 Expense Accounts - Revision history

Angelica at 00:18, 11 December 2014

2014-12-11T00:18:52Z

Angelica at 00:18, 11 December 2014

2014-12-11T00:18:28Z

Simon Clive at 22:42, 29 December 2011

2011-12-29T22:42:42Z

Simon Clive: Created page with "Expense Accounts Do you undestand why the expense accounts are set this way, in relation to grouping? Expense Accounts - These are the costs to the company, irrelevant of payme..."

2011-06-29T23:06:38Z

Created page with "Expense Accounts Do you undestand why the expense accounts are set this way, in relation to grouping? Expense Accounts - These are the costs to the company, irrelevant of payme..."

New page

Expense Accounts

Do you undestand why the expense accounts are set this way, in relation to grouping?

Expense Accounts - These are the costs to the company, irrelevant of payment or not. Use these accounts in
the BAS/VAT

Gross Wages - This is typically a simple header account, in that you don't post anything to this account, but
use it as a summing account of those under it
Leave Paid - This is the expense account for all leave types. Accrued leave is expensed at the time it accrues
at the pay rate current at that time. When leave is taken it is expensed to Gross Wages at the actual current
rate and the Leave Paid expense account is reduced by the original accrued amount.
Super Paid - This is the expense account for superanuation
Net Wages - This account records the actual cash paid to the employee
Deduction Paid (Default) - This is the expense account for deductions
Sundries - Any expense entered as sundries will show here
Allowance Paid (Default) - This is the expense account for Allowences
PAYG Expense - This is the tax expense as part of payroll

← Older revision		Revision as of 00:18, 11 December 2014
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	Please refer below for instructions on creating the Journal Entry for the transfer.		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'	+	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: @@
-Do you undestand why the expense accounts are set this way, in relation to grouping?
+'''Clearing Bank'''
-'''<u>Expense Accounts</u>'''&nbsp; These are the costs to the company, irrelevant of payment or not. Use these accounts in the BAS/VAT
+'''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.
+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'
-'''Gross Wages''' - This is typically a simple header account, in that you don't post anything to this account, but use it as a summing account of those under it
-−
-'''Deduction Paid (Default)''' - This is the expense account for deductions <br>
-−
-'''Leave Paid''' - This is the expense account for all leave types. Accrued leave is expensed at the time it accrues at the pay rate current at that time. When leave is taken it is expensed to Gross Wages at the actual current rate and the Leave Paid expense account is reduced by the original accrued amount.
-−
-'''Net Wages'''<br>
-−
-'''Allowance Paid (Default)''' - This is the expense account for <br>
-−
-'''Super Paid''' - This is the expense account for superanuation '''PAYG Expense''' - This is the tax expense as part of payroll
-−
-'''Sundries''' - Any expense entered as sundries will show here <br>
-−
-'''Commissions''' - Commission Paid