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(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...")
 
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Expense Accounts
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'''Expense Accounts'''
  
Do you undestand why the expense accounts are set this way, in relation to grouping?
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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  
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use it as a summing account of those under it
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'''<u>Expense Accounts</u>'''&nbsp; These are the costs to the company, irrelevant of payment or not. Use these accounts in the BAS/VAT
Leave Paid - This is the expense account for all leave types. Accrued leave is expensed at the time it accrues  
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at the pay rate current at that time. When leave is taken it is expensed to Gross Wages at the actual current  
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rate and the Leave Paid expense account is reduced by the original accrued amount.
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Super Paid - This is the expense account for superanuation
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'''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  
Net Wages - This account records the actual cash paid to the employee
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Deduction Paid (Default) - This is the expense account for deductions
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'''Deduction Paid (Default)''' - This is the expense account for deductions <br>
Sundries - Any expense entered as sundries will show here
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Allowance Paid (Default) - This is the expense account for Allowences
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'''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.  
PAYG Expense - This is the tax expense as part of payroll
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'''Net Wages'''<br>
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'''Allowance Paid (Default)''' - This is the expense account for <br>
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'''Super Paid''' - This is the expense account for superanuation '''PAYG Expense''' - This is the tax expense as part of payroll  
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'''Sundries''' - Any expense entered as sundries will show here <br>
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'''Commissions''' - Commission Paid

Revision as of 09:42, 30 December 2011

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

Deduction Paid (Default) - This is the expense account for deductions

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

Allowance Paid (Default) - This is the expense account for

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

Commissions - Commission Paid