Payroll journal entries can now be created from payslips
Payroll Journal Entries now creates monthly payroll entries (directors' compensation, salaries and wages, withholdings and net pay) from approved payslips, so you don't re-enter payroll data in accounting.
What's new
- For each payroll month, review gross pay, deductions (withholding income tax, social insurance premiums and resident tax) and net pay, and post them as a single journal entry.
- People designated as directors are recorded under directors' compensation, and everyone else under salaries and wages.
- Choose the offsetting account for net pay (ordinary deposits or other payables) and the entry date (the last day of the payroll month, or the payment date). For months that haven't been paid yet, the entry is dated on the scheduled payment date you set (a specified day of the same month, the next month or the month after).
- You can include an estimate of statutory welfare expenses (the employer's share) in the same entry. You can also set the workers' compensation insurance rate.
- If a month's payslips change, you'll be notified in This week's to-dos on the Accounting dashboard.
Who it's for
- Industries: small businesses and sole proprietors (if you use payroll management)
- Screens: Accounting > Payroll Journal Entries
How to use it
- Open Accounting > Payroll Journal Entries.
- Click Settings, choose the directors, the offsetting account for net pay and the entry date, then click Save settings.
- Check the details in the row for the payroll month, then click Post.