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Re: Manual Journal Entries

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Hi Puru,

 

to decide, which is the correct credit account for the payroll expenses, you need to see the steps, which are executed. On the one hand you post the expenses from Payroll, on the other side you have the actual salary payment out of ByDesign. For both transactions you see following postings:

 

Salary Payment Postings:

     1. Bank Statement Creation:

         In the bank statement the outgoing payment is confirmed by the bank.

         Debit: Clearing Account or Cash in Transfer, Credit: Bank Account,

     2. Payment Allocation:

         Debit: interim account, Credit: Clearing Account or Cash in Transfer

Expense Posting:

     Debit: salaries, health care expenses, etc.

     Credit: interim account, Credit: Clearing Account or Cash in Transfer

 

Best regards

Marlene


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