Hi, I am creating journals for each months payroll on Quickfile with all details like net wages (2220)/ Gross etc and i’m also listing the employee salaries to the bank account and tagging them to the Net Wages account. These two logs should cancel each other out on the balance sheet, but there not.
The salary payments for each employee is showing as a debit and credit. The debit payment is correct being attributed to the bank account which balances the account, the credit payment is incorrect which is being attributed to Net Wages, when the journal has already accounted for this. We need to keep the journals, so how do we delete / deal with the Credit records?
Previously, the payments have been tagged to 2220, but with the ‘Post Net Wages to Balance Sheet’ being turned off, it automatically creates a second posting to the P&L account (check 2220 on 01/02/2016).
The entry to 2220 on 29th February has been introduced because of a journal (Month 11), which as I mentioned above seems to post to 7003 rather 2220.
Month 11 is the only journal that I can see that posts to 2220. If you could tell me what other journals you have changed please, I’ll take a closer look for you?