21-01-2012 12:34 PM
My employer pays his staff advances during the month these are paid back from the next pay.
I need advice on how to keep track of the advances and repayments; I have set up a 'Employee Salary Advance' account but if I allocate an advance to that acc it does not appear in the employees wages.
There must be a simple way to handle this - how to link this accs in the payroll categories of 'Advance' and 'Advance Repayment'?
OR, should I have only one Payroll Category say 'Advance/Repayment' and enter both advance and the repayment (as a negative amt) in the same acc?
Solved! Go to Solution.
21-01-2012 12:51 PM
Hopefully you have set up the employees staff advance account in your assets.
Naturally it does not appear in their wages as it is not a wage it is an advance. It will be recorded in wages when you record the wage.
The 'wage' advance should be overriding the default expense account and be linked to the asset account-employees advances.
You can use this as both the giving and taking (with a minus sign) of the advance but it would be better to use deductions-advance repayment for the repayment linked to the same asset account as then the minus sign will not be missed.
Make sure you exempt the advance from super calculations and the advance and repayment from the PAYG calculations.
Make sure at the end of the year that you do not include the advance in the payment summary figure for wages.
Need help with your MYOB product or service?Find out more
News, views and ideas for your businessFind out more
Courses and materials
designed to help you make
the most of your software.