General Journal - Record salary accrual at year end

DebA
DebA Member Posts: 36 Reckoner Reckoner
in Accounts Hosted

Hi

I know you add wages, leave loading & super in the calcs for 'record salary accrual at year end' general journal. Should the entry be just one total or should you enter the super amount on a separate line (both debit & credit)?

Thanks

Debbie

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  • DebA
    DebA Member Posts: 36 Reckoner Reckoner

    Hi Zappy

    Last pay in 2024 was 27/12/24, but for the audit we have to add a GJ to account for two days of wages (hol pay) for Mon 30th Dec & Tues 31/12/24. pay for these two days fell into next pay cycle on 10/1/25.

    Deb

  • Charley
    Charley Member Posts: 552 Reckon Star Reckon Star
    edited January 16

    I love the phrase "it's not material" but otherwise just a total amount against Payroll expenses debit and credit Accrued Expenses and reverse it on 1/1/25.

    You can break it up into wage, leave & super if you want but I wouldn't bother

  • DebA
    DebA Member Posts: 36 Reckoner Reckoner

    Hi Charley

    Thanks for that. very helpful.

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