Payroll

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Bartnsmith
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Bartnsmith
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Payroll

Hi,

 

When I run a payroll in essentials it creates the individuals employee pay deductions as an expense in the porift or loss which is fine.

 

However it also assigns an expense for the total of the payroll because the overall deduction of total wage comes out as a debit from my bank account as i have a direct feed in place. 

 

Example is - 2 staff get paid $50 and these two entries show in the profit ands loss as $100 wages and expenses however the  total wages withdrall ie $ 100 bank also shows in my bank transaction feed needing allocation.

 

What should i allocate or assign the overall wage deduction transaction when it comes into my bank feed. transacton.?

 

If i assign it to wages then effectively I double my wages expense from 100 to 200 in the example outlined . 

 

This has me perplexed so any help or ideas from the essentials community welcome 

 

Thanks Barton 

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Partner AlanT
815 Posts
Partner
Australia
AlanT
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Re: Payroll

@Bartnsmith

 

Hi Barton,

 

When the $100 withdrawal transaction appears in your bank feed you don't allocate it to anything, you select the option to match the transaction instead.

 

What you will find is that Essentials will list the withdrawal in the Bank feed window with the prompt of 1 possible match.

 

I hope this answers your concerns.

 

Alan

Bartnsmith
4 Posts
Cover User
Bartnsmith
Cover User

4Posts

2Kudos

1Solutions

Re: Payroll

Thanks Alan

 

Makes sense now, i did leave the obverall wage deduction as unallocated and thanks as you have confirmed that this is the best approach.

 

This way i am not doubling up on payroll expenses

 

Thanks again Barton 

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