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Example documentationPayment to Account: Salaries Locate this document in the navigation structure

 

The company pays monthly salaries to its employees via a payroll system that gives the bank payment instructions. In this simplified scenario, no employee benefits, such as health and life insurance, savings plans, and Social Security are involved, and no tax is applied. Upon receipt of the bank statement the employee payments are recorded as cleared and need to be posted as G/L transactions.

The Outgoing Payments window is used to issue an outgoing payment to the relevant salary and wages G/L account.

You enter the relevant transaction row in the Bank Statement Details window, with the internal bank operation code indicating that the posting method is G/L Account From/To Bank Account. The transaction is matched against the relevant amount and the relevant salary and wages G/L account. When the bank statement is finalized, the posting amount is transferred from the bank G/L account to the salary and wages G/L account.

Note Note

  1. This scenario resembles bank fee handling.

  2. Only relevant fields are shown

End of the note.
Bank Statement Details

Operation Code - Internal Code

Currency Details - Payment Currency

Payment Currency Amounts - Outgoing Amt

Payment Currency Amounts - Applied Amt

Local Currency Amounts - Incoming Amt

Dates for Posting Creation - Posting Date

Dates for Posting Creation - Document Date

GLToFr

USD

100,000.00

(100,000.00)

100,000.00

4/13/2009

4/13/2009

G/L Account Postings

Bank

Salaries & Wages

Debit

Credit

Debit

Credit

100000

100000