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4921 Weergaven
How to record a payroll entry (and reconcile it with your bank statement)
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In order for a journal entry to be reconcilable with a bank statement line you must have an associated payment. A payroll entry must therefore not hit bank directly, but rather be posted as:

Payroll Journal Entry

Dr. xyz

Cr. AP


Payment

Dr. AP

Cr. Bank


The payroll entry should be reconciled with the payment and then the payment should be reconciled with the statement line.

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Beste antwoord

Marc, I believe we can create this entry without an associated payment. 

Payroll Journal Entry

Dr. Salary / Labor expense, tax expense, etc.

Cr. Outstanding Payments

Bank Statement

Dr. Bank Suspense 

Cr. Bank

Reconciliation

Dr. Bank Suspense

Dr. Outstanding Payments

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