How to record advance payment to an employee and adjusting the same amount at the time salary payment?

Since Manager doesn’t have any payroll functionality yet, you will need to create custom asset account in your Chart of accounts called Advance payments to employees. So when you give your employee advance payment, categorize this payment as Advance payments to employees. Next time, when you pay s…

You can also use sub account numbers to track each advance individually. 1300 Advances 1301 advances - Jon Doe 1302 advances - Jane Doe It would be great if in this example the 1300 totaled all the amounts in the dependent accounts below.

How it will reflect in Bank/Cash Account.

If you are paying employee from a bank account, then record those payments in bank account. Go to Bank accounts tab, click on bank account and then click Spend money button.

Can you please share me the snap shot of the page where i need to enter advance payments & wages(Bank Transaction).

WHEN ADVANCING LOAN Create ‘Loan and Advances to Staff’ Asset Account under chart of accounts( when you are spending money to give the loan to the staff make sure you select the Loan and Advances Asset account as the recipient account, include all details like staff name etc. An asset of the amoun…

OK that’s one way. Although I think it’s easier just to debit Employee clearing account when giving money to employee (whether in advance or earned wages).

Works perfectly, I was amazed, I cant wait for improvement in payroll administering.

Thank you very much This is useful information

Employee clearing account is classified under liability, not assets. Receivable accounts should be under assets (current assets).

Recording advance payments to employees

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Recording advance payments to employees

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