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
This scenario resembles bank fee handling.
Only relevant fields are shown
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 |
Bank |
Salaries & Wages |
|||
---|---|---|---|---|
Debit |
Credit |
Debit |
Credit |
|
100000 |
100000 |