Difference between revisions of "4 Clearing Bank"

Latest revision as of 11:16, 11 December 2014

Employee Payroll Accounts

Employee Payroll Accounts- Do you need to set specific payroll accounts for each Employee or leave as Default?

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-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.
-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'