Once youve completed your payroll journal entry you can post it to the company general ledger salaries and wage expense the biggest debit item in a payroll journal entry is usually the salary . The general ledger activity report gls7002 this table demonstrates an example where your subsidiaries and parent organizations can record monthly payroll transactions using the journal id payroll because each journal is uniquely identified by business unit journal id and date. Payroll refers to the reimbursement that employees are provided with in exchange for services performed at a company general ledger refers to an organization system that tracks all of a companys financial transactions including expenses assets liabilities revenues and equity. How to record your basic small business accounting entries in the general ledger if youre feeling intimidated its certainly understandable but cra payroll accounting need not be intimidating there are steps that you can follow to ensure that your payroll ledger entries are correct and using quickbooks accounting software can help. For accurate and compliant books you need to know how to do payroll accounting what is payroll accounting as a small business owner you use payroll journal entries to record payroll expenses in your books payroll journal entries fall under the payroll account and are a part of your small business general ledger expenses entered in the
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