Cash Payment for wages

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Cash Payment for wages

Hi 

 

Please guide how to process payroll and to do general entry of wages paid in cash for casual employee. Which account needs to select in Spend Money window? I have to pay $200 fornightly.

OR  

Can I use Petty Cash account to make payment to casual employee, if yes, how to do general entry for that?

 

Thanks for your help in advance.

 

Kind Regards

Ravinder

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Re: Cash Payment for wages

Hi @Ravinder 

 

Thanks for your post. All pays do need to be processed through Process Payroll, as such, you would never record a Spend Money transaction as this creates a duplication of the actual payment. 

 

The first thing I would recommend checking is the Payroll Linked Accounts. You can do this in Setup>>Linked Accounts>>Payroll Accounts. Check that the linked account for Cash Payments is the bank account. 

 

llink.PNG

 

If you are withdrawing the cash from the bank, when processing the pay change the Payment Method to Cash. This will also change the Pay from Account to the bank account as per the linked account above.

 

cash.PNG

 

A withdrawal will be recorded in the bank account to match with your bank feeds, so you don't need to do anything else.

 

If you are taking the money from Petty Cash, process the pay the same, ie change the Payment Method to Cash. Then you'll need to record a Transfer Money transaction to transfer the payment from the bank account to the petty cash account. To do this:

  • go to Accounts
  • open Transfer Money
  • Transfer Money from: Petty cash account
  • Transfer Money To: bank account

This will record a withdrawal in the Petty Cash account to match the actual withdrawal. It will also record a deposit in the bank account which you will match with the withdrawal from the pay transaction, effectively clearing each other out.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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Experienced User
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Experienced User
Experienced User

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Re: Cash Payment for wages

Hi Tracey

Thanks for explaining in details, appreciate.

 

Kind Regards

Ravinder

MYOB Moderator
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Re: Cash Payment for wages

You're very welcome @Ravinder 

 

Please don't hesitate to post again if you need help in the future.

Cheers,
Tracey
Previously @bungy15

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