How to record a payroll entry (and reconcile it with your bank statement)

Question

Gans Marc-Antoine (mgs) · Accepted Answer

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.

Angela Pastor (apt) · Answer

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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