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How should we record payroll after completing the worksheet?
We suggest recording payroll in a 2-part transaction. The first part should document the physical paycheck starting with gross & vacation pay, with the offsetting entries to balance the transactions (you decide which accounts to credit). The second part should document the employer’s cost of the payroll.
Refer to the check register for the dates and check numbers of all payroll-related checks.
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About the Author
Peter Skebo
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Peter is a serial Entrepreneur with a passion for all-things related to Business.
Since 1993, Peter has taught business at both the College level and through his own business school. In that time he has helped establish over 2,000 small businesses.
When Peter is not engaged in his many hobbies, he can be found watching spy movies!
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