This page (revision-34) was last changed on 26-Nov-2021 10:22 by JAiken

This page was created on 26-Nov-2021 10:22 by JEscott

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GENERAL LEDGER ACCOUNTS
GENERAL LEDGER ACCOUNTS

Version management

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At line 221 added 50 lines
Now that the expenses are allocated, the inter-company logic will create the entry in order to charge the various agencies cash account (due to/from). The inter-company (I/C) toggle is turned ON for specific expense GL account codes. Note that the Health Expense GL account does not have the I/C toggle turned ON since net expense charged to the agency is from the Fringe Expense Account. If the health expense (GL Account Code) has the inter-company toggle turned ON it will result in incorrect entries.
||GL Acct|| Desc|| GL Code|| Dr Amt|| Cr Amt|| Fund|| I/C|| Fringe
|341-0615-4000| Reg $| Wage-Ex |$800.00| | Agency 1| On| Off
|400-0775-4000| Reg $ |Wage-Ex| $200.00| Agency 2| On| Off
|001-4171-2122| Fed Tax| Fdtax-Liab | |$250.00| General| Off| Off
|001-0615-3400| EE\\Health|Hth-Liab| | $100.00| General| Off| Off
|341-0615-1100| ER\\Health|Hth-Exp |$120.00| | Agency 1| Off| On
|001-0615-3400| ER\\Health|Hth-Liab | |$120.00| General| Off| Off
|001-1000-0220| Net Pay| Bank-Liab| | $650.00| General |Off |Off
ADDITIONAL FRINGE ENTRIES
|341-0615-1100| ER\\Health|Frng-Liab| |$120.00| Agency 1| Off| On
|341-0615-1100| ER\\Health|Frng-Exp| $90.00| | Agency 1 |On| On
|400-0615-1100| ER\\Health|Frng-Exp| $30.00 | |Agency 2| On| On
INTER-COMP ENTRIES
|001-1000-0220| Due from\\Agencies|Cash| $1,120.00| | General| Off| Off
|341-1000-0300| Due to\\Gen Fnd|Cash| | $890.00| Agency 1| Off| Off
|400-1000-0300| Due to\\Gen Fnd|Cash| |$230.00| Agency 2| Off| Off
|Journal Totals| | | $2,360.00| $2,360.00| | |
!Summary
;Net expenses charged to Agency 1.
;:Regular Wages $800.00
;:Health Expense $90.00
;Due from Agency 1
;:General Fund $890.00
;Net expenses charged to Agency 2.
;:Regular Wages $200.00
;:Health Expense $30.00
;Due from Agency 2
;:General Fund $230.00
;Total due
;:General Fund $1,120.00
;:Note - The Due to/From or Cash entries may vary based on set up.
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!!Example Entry - General fund pays the federal tax and health expense
The entry created in the Accounts Payable system would be:
||GL Acct|| Desc ||Dr Amt|| Cr Amt|| Fund
|001-4171-2122| Fed Tax Payable| $250.00| | General
|001-0615-3400| ER Health – Pay| $120.00| | General
|001-0615-3400| EE Health Dedn| $100.00 | |General
|001-1000-0220| Bank | |$470.00| General
Therefore, at the end of all the entries, the General Fund Cash will be 0.00.
|$1,120.00| Debit| Total inter-company fund transfer
|$650.00| Credit |Net payroll amount
|$470.00| Credit| Liabilities paid on behalf of the agencies.
|$0.00| Total entry to the General Fund Cash/Bank account
This page (revision-34) was last changed on 26-Nov-2021 10:22 by JAikenTop