Balancing Payroll
Hey everyone.
We are in the process of setting up STP for our business. Prior to this the payrun was created each week using MYOB Business and the payslips emailed to employees and then pays are manually paid into each account. What entries do I then need to make in order to keep the payroll clearing account at zero. Is it simply creating a spend money entry for wages paid within that particular pay run?
Thanls kindly
Kristine
Hi Kristine76,
Thanks for your post. Payments will be recorded in the linked account based on the type of payment method used, whether it's cash, check, or electronic payment.Additionally, it's essential to ensure that the linked account is set up correctly and corresponds to the appropriate payment method. This helps maintain accurate financial records and streamline the reconciliation process.
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Regards,
Earl
