3 Payroll Accounts
From TrueERP wiki
Payroll Accounts
Has the Payroll Accounts structure been explained thoroughly?
Clearing Account Payroll Clearing Account - This must be a clearing account, not an actual Bank Account. Defaults to Payroll Bank Clearing.
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
Liability Accounts - These are the payments that are to be paid to the various suppliers, including the tax office. DO NOT Use these accounts in the BAS/VAT Deductions Liability - Amounts that need to be paid for any deductions taken from the employee ie union fees etc Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type is taken Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc Super Payable - Amounts that need to be paid to the employees super fund PAYG Tax Payable - Amounts that need to be paid to the Tax office.
