Payroll Journal Entry Template

Payroll Journal Entry Template. Putting that template in Excel can help you make sure your debits equal your credits. The payroll advance is in effect a short term interest free loan to the employee to be repaid when they next receive their wage payment.

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Journal Entry for Payroll: In the case of payroll expenses, the wages expense, these accounts are debited, and the cash account is credited. A payroll clearing account is a general ledger account that is normally set up in the asset section of the balance sheet, says John W. Payroll Journal Entry Examples: ABC Company has one employee, Mary Smith, that is paid weekly.

We have credited a liability account for each of the tax amounts.

Expenses entered in the payroll account You need to make journal entries when this happens.

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And the most of the journals are like having the important transaction leaving in the unnecessary and the unrelated. The payroll advance is in effect a short term interest free loan to the employee to be repaid when they next receive their wage payment. Payroll journal entries fall under the payroll account and are a part of your small business general ledger.