Clearing cheques for cash payments of wages
Hi
After running my payroll and creating a cheque for payment of wages from my bank account, I've decided to pay my employees in cash. How do I clear/delete the cheques created in the bank account?
Forum Discussion
3 Replies
Credit a spend money from bank for the net wages and allocate to petty cash or cash drawer which is your cash account within MYOB
Can you explain better, please?
ok apologies for confusion
Step 1
review the cheque transactions created in the bank account calculate the total of these transactions
Step 2
create a receive money for this total on the same day as the payroll cheques and post to an asset account cash draw or contra clearing category
Step 3
To clear the cash draw or contra clearing account, we need to determine where the cash is from.
if the cash is from your personal bank account, then clear via drawings category
if business cash then clear via petty cash
