How to Make a Journal EntryHere are the steps to making an accounting journal entry.1. Identify TransactionsThere are generally three steps to making a journal entry. First, the business transaction has to be identified. Obviously, if you don’t know a transaction occurred, you can’t record...
Create a journal entry to record the total payroll, including tax withholding. Debit the salary expense account for the total amount of the payroll. For example, if the total payroll for the period equals $43,000, debit "Salary Expense" for $43,000. Credit the federal income tax and state...
How to Make Payroll System in Excel What Is the Payroll Process? A payroll administrator needs to do detailed planning of the whole payroll process. There is always work managing ongoing tasks that need attention and constant monitoring of changes to tax withholding, contribution, and other things...
If you don't want to use any application, you have to manually enter the journal entry transactions by clicking the Company menu and choosing Make General Journal Entries. That should get you on the right track, @MCruz. Let me know if there's anything else you need. I'm ...
workers every two weeks on the first Friday after the payroll period ends, you will accrue wage expenses in two different accounting periods, and this needs to be reflected on the books. You also need to make reversing entries to make clear which expense is attributed to a prior time period...
Check to make sure that they have been updated for employees who received a raise or a bonus. Deductions. Record taxes, health insurance, and retirement contributions. Prepare a payroll journal entry or ledger entry to record your payroll. You can skip this step if you are using an ...
Once done, you can start entering the payments to the vendor using the account created. After that, make a journal entry to allocate one month or a quarter of the expense. Before doing so, I recommend reaching out to your accountant to ensure the b...
This article describes how to create and to post scheduled payments in Microsoft Dynamics GP and in Microsoft Business Solutions - Great Plains. The Payables Scheduled Payments Entry window lets you divide a large invoice into small ones, depending on the number of payments you want to make. ...
Other entries, such as Invoices or Bills, cannot be duplicated. However, you can use the Copy function within Invoices/Bills. This creates a new Journal Entry when the Copy is created. To duplicate a Normal or Fund Transfer Journal Entry, ...
Go to Microsoft Dynamics GP > Tools > Setup > Payroll-Canada > Department. Make sure the Replacement G/L Segment Account field is populated, with the mask showing in the same segment. If you wish for CPP/EI to also be distributed, this setting is at the Employer level. Go to Microso...