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InnerCircle
September 13, 2021
Question

Withholding past pay period holdbacks on this pay period

  • September 13, 2021
  • 1 reply
  • 0 views

The boss mistakenly paid employees gross pay on the last pay period. On this pay period, how do we withhold the portion of the last pay period's legal deductions? Most employees are already set up to have the deduction category "cash advance." I'm worried about completely muddling the accounts. Could I use "cash advance," add notes on the slip, and then immediately recategorize the "advance" on the backend into the correct expense? Or am I better off creating a new deduction category for everyone only for this purpose?

1 reply

J
JamesM4
September 13, 2021

Hello InnerCircle,

 

It's essential you're able to record your payroll transactions the right way so you can keep your books accurate. I'll be glad to steer you in the right direction so you can focus on doing the things you enjoy. 

 

To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice on this. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here. In the meantime, check out this helpful article here that shows you how to create deductions for your staff. 

 

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to help.

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