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Wages & Salaries

Yendo Accounts does not to date include any payroll software.  Therefore Employee Taxes due to the Federal Government can not be calculated by Yendo.  

When the net Wages/ Salaries are paid to the employees use the Bank Account Transactions function under the Tasks link  to reflect the wages going out of the bank account.  Select the appropriate bank account and use the plus icon to enter a new bank account transaction.

Payment Type...Money Out
Account....Wages & Salaries under Direct Costs
It is important to fill in a narrative opposite the Reference/Notes heading as this narrative appears on the Bank Account on Yendo.

The second part of the Wages & Salaries expense is the amount of  Employee Taxes which are due to the Federal Government and this needs to be reflected  on Yendo Accounts.  

This is done by using the Journals function under the Tasks link and using the plus icon to enter a new journal.

Enter a narrative and description.  
Account......Wages & Salaries under Direct Costs   
Type.......Debit
This line of the journal will reflect Employee Taxes as an expense in the organisations profit & loss account.

The second line of the journal
Account...Employee Tax Payable
Type....Credit
This reflects the Employee Tax as a current liability in the organisations balance sheet which will have to be paid to the Federal Government at its due date.

It is important that the amount on the debit and credit entry above match as Yendo will not allow you to save the journal unless both entries balance.

When the Employee Taxes are actually paid to the Federal Government this can be reflected on Yendo Accounts by using Bank Account Transactions function under the Tasks link.  Select the appropriate bank account and use the plus icon to enter a new bank account transaction.

Payment Type....Money Out
Account...Employee Tax Payable

It is important to fill in a narrative opposite Notes and/or Reference as this narrative appears appears on the Bank account on Yendo.