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Peachtree Premium Tips & Tricks |
Entering Payroll
Each Payroll has to be entered when you receive the Payroll reports. When entering the payroll you should use the pre-design payroll sheets that are in the folders. Remember that the date of the journal entry should be the check date for the payroll.
Below are instructions on how to fill in the journal sheet.
- Your first line is your Gross Salaries. The amount is found on the Department Summary sheet in the top right of the report. Make sure that you are only picking up the number for that payroll. This amount should be a debit.
- Your second line will be the employer portion of the payroll taxes. Enter the Gross Payroll Taxes found in the Employer Tax Exp. Column of the Department Summary page. This amount is also found on the cash requirements report. Make sure to enter only the amount from this pay period, and do not enter the MTD, QTD, or the YTD amounts. This amount should also be a debit.
- Your third line is going to be the amount taken out of your payroll or checking account. The total amount will be your net pay plus the employee and employer taxes. These amounts can be found on your cash required report. The amount is going to be a credit.
- Your entry should be in balance. If your entry is not in balance, it is because of additional items that maybe taken out of payroll or are being accrued.
After you have filled in the information you now need to enter the journal entry into Peachtree.
- Under Tasks choose General Journal Entry.
- The date should be the check date of the payroll you are entering.
- Reference can be payroll.
- Then enter the journal entry from the payroll sheet you prepared. Note: Remember each payroll has to be entered before it will be taken out of your checking account.
Bank Reconciliation
Before you start the reconciliation make sure that you are in the period that you are reconciling. You can check the period you are in by looking in the bottom right hand corner of the screen.
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From the Tasks menu, select Account Reconciliation. The Account Reconciliation window displays. |
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Enter or select the account you want to reconcile. |
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Enter the closing date from the bank statement as the Statement Date. Use the month end. |
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Before you enter the Statement ending balance, make sure that the unreconciled difference is the Statement Beginning balance. If not, you need to review last month reconciliation date even if that Statement Date is different. |
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Enter the Statement ending balance in the lower-right section of the window. Enter the balance as a positive number unless you have a negative balance in your account. |
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Transactions that are available to be cleared are listed in two groupings-Checks and Credits, Deposits and Debits. For each transaction, reference information such as check numbers, amounts, dates, and vendor/payees or descriptions display. Checks are sorted by check number. |
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Select the Clear check box next to each item that is included on the bank statement. In the top section, you will clear all of the checks that have cleared the bank. In the bottom section will be all the deposits. Make sure that the total deposits at the bottom of the screen ties to the deposit total on the statement. |
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You can also select the All icon to select all transactions as cleared. Or, you can select the Range icon to enter first and a range of checks or deposits to clear. |
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Select the Adjust icon to enter adjusting journal entries the bank statement included, but which are not included in Peachtree Accounting's General Ledger. For example, you may have to add bank service or finance charges. Select OK when done. |
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Peachtree keeps track of how many transactions recorded in the General Ledger are cleared, how many are not, and the associated totals. |
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When all transactions listed on the bank statement are entered and cleared in Peachtree Accounting and outstanding transactions have been accounted for, the unreconciled difference should be zero (0.00). If not, check the bank statement to make sure that each transaction listed is also entered in Peachtree Accounting. For example, a service charge listed on the statement may need to be entered in Peachtree Accounting. |
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Enter additional withdrawal or deposit adjustments during account reconciliation. |
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If you entered adjusting entries, select the Clear check box next to each of these items. |
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Note: If you enter adjusting entries and later need to change them, you can edit the transactions using the General Journal Entry window. |
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When you have successfully reconciled the account (the unreconciled difference is zero), select OK to close the window. |
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Hint: If you are interrupted during the middle of reconciling or need to record a transaction, select OK and exit the window. Later, while still in the same accounting period, you can resume where you left off. All your cleared items and other reconciliation information for the account will remain. You can also change accounting periods to edit previous account reconciliations, if necessary. |
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