Can someone help me with my assignment?
Give one example of why there can be discrepancies between payroll reports and profit and loss Statements.
Hi @narellesales
Thanks for your post. I'm happy to explain how those reports filter their data which should help with understanding why there would be a difference.
For example, a Spend money transaction can be allocated to a wage expense account but won't be allocated to a payroll category.
Good luck with your assignment.
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An example is - at year end particularly, you would accrue for wages up to the end of the period which have not been paid yet - therefore, you will have wages in the P&L but they are not on the Payroll report. It is a reconciling item or timing difference.
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