How to book the payroll journal entry

Some financial transactions are processed manually in a general ledger. For this, you use the module General Ledger Entries. Depending on your current working method or preferences, or the preferences of the accountant, these can be different ledgers. Think of the general ledger, the payroll ledger, or the ledger for accrued assets and liabilities.

The structure of the journal entry will be almost identical except for one period: the differing period is when the holiday pay is disbursed. By creating a template from the journal entry via a fixed journal entry, you do not need to create each transaction line anew every period but can suffice with checking and possibly adjusting the amounts. Overtime payments, for example, can cause varying amounts.

The payroll journal entry generally contains several transaction lines that need to be booked. First, make a fixed journal entry from this. Then follow the steps below to book the payroll journal entry.

Step 1: Go to the general ledger entry

After opening the module General Ledger Entries, you enter directly into the general ledger entry.

Step 2: Select the 'Payroll journal entry fiscal year'

Open the Fixed Journal Entries

Step 3: Check the transaction lines

The fixed journal entry 'Payroll journal entry fiscal year' is now loaded. Check the lines and adjust the amounts where necessary.

Step 4: Adjust the date and period

Adjust the Date to the last day of the period. Adjust the Period.

Step 5: Save the booking

Click on Save