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How should we record payroll after completing the worksheet?

case study payroll Jul 21, 2022

We suggest recording payroll in a 2-part transaction. The first part should document the physical paycheck starting with gross & vacation pay, with the offsetting entries to balance the transactions (you decide which accounts to credit). The second part should document the employer’s cost of the payroll.

Refer to the check register for the dates and check numbers of all payroll-related checks.

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