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Payroll Journal Entry
Function
Creates a general journal entry including the complete gross to net breakdown for the current pay period. This entry is then posted to the general ledger, recording the salary amounts to the control account, as well as recording the appropriate liabilities for taxes and deductions withheld. Cash outlay is also recorded with this entry.
Things You Should Know
Operating Procedures
The Pay Period Ending date and Posting Period will automatically populate on the form. GJ# and Batch# will populate with the next available numbers once the Journal button has been clicked.
Creates a general journal entry including the complete gross to net breakdown for the current pay period. This entry is then posted to the general ledger, recording the salary amounts to the control account, as well as recording the appropriate liabilities for taxes and deductions withheld. Cash outlay is also recorded with this entry.
Things You Should Know
- You must save your payroll check run before the payroll journal entry can be created.
- Elements and GL codes must be set up for all earnings, taxes, expenses, and net pay if amounts exist in those fields.
- If current payroll information exists you will be asked if you have prepared all the payroll reports for the current payroll and are ready to create the payroll journal entry and clear current payroll amounts. Select Yes to continue.
Operating Procedures
The Pay Period Ending date and Posting Period will automatically populate on the form. GJ# and Batch# will populate with the next available numbers once the Journal button has been clicked.
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Pay Period Ending: This field will default to the date of the pay period that was just processed.
Posting Period: This field will default to the month containing the settlement date of the direct deposit file. If no direct deposit is used it will use the month containing the check date. This field cannot be edited. Edit: You can edit the Element or Transaction code for any item in the Earnings/Taxes grid on this form. However, if there are any changes needed to the coding of the Deduction information, those changes need to be made on the Deduction form that is found in Payroll, Set Up. Journal: This will prepare the General Journal. Once it's posted the General Journal Entry form will open. You can view, print and make changes to the GJ if you need to. Note: If you have more than one Special Pay code being processed in a payroll, a check box will appear "Split Special Pay Amounts to Different Accounts." If you check this box a grid will appear giving you the ability to designate different GL accounts for each special pay. |
