Payroll Installation - G/L Codes
Use this tab to select the default G/L code settings for the Payroll module.
Be sure to include the G/L account numbers entered on this screen when you enter your chart of accounts.
Enter your these G/L accounts even if you do not have the General Ledger module installed on your computer.These settings can be changed as needed at any time.
If cost centers are being used and multi-company processing is NOT being used in this company, the Inter-company G/L account code field on this tab is replaced with a Cost center inter-posting G/L account code field.
Fields/Buttons |
Descriptions |
|---|---|
Cash in bank G/L account code |
Enter the G/L account code you plan to
title "cash in bank" (or similar name) in your Spectrum chart of accounts. . When the Payroll Update is performed in a Confidential Payroll company, it will use the cash account of the confidential company if it is set up in the Chart of Accounts of the main company. If a valid G/L code is not specified in the Payroll Installation of the confidential company, then the update will use the G/L cash account specified in the main company Payroll Installation screen. |
Accrued payroll G/L account code |
Enter the G/L account code you plan to
title "accrued payroll payable" (or similar name) in your Spectrum chart of
accounts. The software will use this G/L account code during Payroll Update if the Accrue expense to field is set to Period-end date or Work date. If accrual posting is used, this G/L account code will be credited on the period-end date of the payroll cycle, and debited in the same amount on the check date. If Work date is selected, it will post to job cost history using the work date. For G/L, it is similar to the Period-end date option: liabilities and cash outlay post to the G/L check date, and expenses post to the period ending date. However, if the work cycle goes over a month end, then the Payroll Update will split and post expenses in two postings – one on the last day of the previous month and one on the period ending date. |
Automatic deposit liability G/L account code |
Enter the General Ledger account code
you plan to title "payroll automatic deposit payable" (or similar name) in your
Spectrum chart of accounts. The software will utilize this G/L account code during Payroll Update only if your office has designated employees participating in this program. If the automatic deposit feature is used, this G/L account code will be credited in the amount of net checks to be directly deposited to the bank on the employees' behalf. |
Inter-company G/L account code |
Enter the G/L account code you plan to
title "inter-company receivable" (or similar name) in your Spectrum chart of
accounts. The software will automatically update inter-company transactions to
this G/L account code when you designate alternate company code(s) during
Payroll Update. This G/L account code is the default account, unless another
account code is specified in the Inter-company G/L Code portion of this screen. This field will be skipped if the Multi-company payroll checkbox is not selected. |
Inter-company G/L Account Code button |
Enter the company and G/L account codes
to track inter-company relationships with multiple account numbers. Entry in
this field is optional and any companies listed may override the default G/L
account code in the Inter-company
G/L account code field. Field Descriptions: Company Enter the company code of the destination company. G/L code Enter the applicable G/L account code to be used in this company when inter-company payroll transactions associated with the specified company are updated. |
