Another option is to use the Bank Adjustment Feature. Yet another option is
to use the Bank Funds Transfer. Depends on how your transactions flow. I
use both depending on the situation.
For example, EFT tax payments are automatically withdrawn weekly from our
bank account since we have a weekly payroll. That is a single amount bank
withdrawal transaction not recorded in Vantage. However, I use an Excel
spreadsheet to record the individual weekly transactions for Federal
withholding, Social Security and Medicare because each of those payments
have their own G/L number. At month end, I record one withdrawal for each
of these payment types using the Bank Adjustments. The Bank Fund Transfer
is used to deposit the cash into that EFT Bank account from our main
checking account. As soon as the Bank Fund Transfer is made, the general
ledger is updated. When I post the Bank Statement, the General Ledger is
updated for Federal withholding, SS and Medicare. Thus, all accounts are
properly recorded and balanced to the bank.
This works for us. While we prepare payroll checks internally, the concepts
from the scenario above can be applied to recording external payroll
transactions. So many ways to use the same software.
Deb
Reeder & Kline Machine Company, Inc.
-----Original Message-----
From: Jim Heidner [mailto:Jim.Heidner@...]
Sent: Tuesday, February 20, 2001 2:53 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] payroll and reconciliation
We create a ledger entry based upon the reports provided by our outside
service. That same amount appears as a negative adjustment to the BOOK
balance for cash on our Excel bank reconciliation (entry is not yet posted).
We use a supporting Excel schedule to list the totals from the payroll
service for checks, direct deposits, and tax payments by pay period. When
the bank statement arrives we list the cleared check totals, direct deposits
and tax payments by pay period in a second column. Any difference between
the two columns is shown in the third column. This third column is
totaled. This total which is the outstanding payroll, is linked to the bank
reconciliation as a deduction from the BANK balance, like other outstanding
payments which haven't cleared the bank. Works for us.
Jim Heidner
William Frick & Company
-----Original Message-----
From: Wendy Bowen (Pursche) [mailto:wpursche@...]
Sent: Thursday, February 15, 2001 10:12 AM
To: Vantage Yahoogroups list
Subject: [Vantage] payroll and reconciliation
I'm forwarding this from my Controller:
We process payroll through an outside company, if you do the same, how do
you post to your books? If we post a journal entry, it does not show up
when we try to use the bank reconciliation function. Please advise, thanks.
Rob McColgan
Controller
Schmald Tool & Die, Inc.
(810) 743-1600 ext.336
[Non-text portions of this message have been removed]
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[Non-text portions of this message have been removed]
to use the Bank Funds Transfer. Depends on how your transactions flow. I
use both depending on the situation.
For example, EFT tax payments are automatically withdrawn weekly from our
bank account since we have a weekly payroll. That is a single amount bank
withdrawal transaction not recorded in Vantage. However, I use an Excel
spreadsheet to record the individual weekly transactions for Federal
withholding, Social Security and Medicare because each of those payments
have their own G/L number. At month end, I record one withdrawal for each
of these payment types using the Bank Adjustments. The Bank Fund Transfer
is used to deposit the cash into that EFT Bank account from our main
checking account. As soon as the Bank Fund Transfer is made, the general
ledger is updated. When I post the Bank Statement, the General Ledger is
updated for Federal withholding, SS and Medicare. Thus, all accounts are
properly recorded and balanced to the bank.
This works for us. While we prepare payroll checks internally, the concepts
from the scenario above can be applied to recording external payroll
transactions. So many ways to use the same software.
Deb
Reeder & Kline Machine Company, Inc.
-----Original Message-----
From: Jim Heidner [mailto:Jim.Heidner@...]
Sent: Tuesday, February 20, 2001 2:53 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] payroll and reconciliation
We create a ledger entry based upon the reports provided by our outside
service. That same amount appears as a negative adjustment to the BOOK
balance for cash on our Excel bank reconciliation (entry is not yet posted).
We use a supporting Excel schedule to list the totals from the payroll
service for checks, direct deposits, and tax payments by pay period. When
the bank statement arrives we list the cleared check totals, direct deposits
and tax payments by pay period in a second column. Any difference between
the two columns is shown in the third column. This third column is
totaled. This total which is the outstanding payroll, is linked to the bank
reconciliation as a deduction from the BANK balance, like other outstanding
payments which haven't cleared the bank. Works for us.
Jim Heidner
William Frick & Company
-----Original Message-----
From: Wendy Bowen (Pursche) [mailto:wpursche@...]
Sent: Thursday, February 15, 2001 10:12 AM
To: Vantage Yahoogroups list
Subject: [Vantage] payroll and reconciliation
I'm forwarding this from my Controller:
We process payroll through an outside company, if you do the same, how do
you post to your books? If we post a journal entry, it does not show up
when we try to use the bank reconciliation function. Please advise, thanks.
Rob McColgan
Controller
Schmald Tool & Die, Inc.
(810) 743-1600 ext.336
[Non-text portions of this message have been removed]
To unsubscribe from this group, send an email to:
vantage-unsubscribe@egroups.com
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vantage-unsubscribe@egroups.com
[Non-text portions of this message have been removed]