How can I add or configure employee salaries in Metro Accounting System?
To add or configure employee salaries in Metro Accounting System, you’ll need to use the Accounting module. Here's a step-by-step guide:
1) Go to the 'Accounting' module.
2) Go to 'Journal Entries'.
3) Click on the Create Button.
4) Select the journal, enter the date, and provide a reference if needed. Add line items with accounts, debit and credit amounts, and descriptions.
Enter the Journal Entry Details:
- Date: Set the date.
- Journal: Select Miscellaneous Journal.
- Reference: Enter a suitable reference like "Metro_Employee".
- In the Journal Items tab, enter the following:
- Debited Account (200011 Salary) → Debit with the amount.
- Credited Account (101412 Bank) → Credit with the same amount.
Validate the Journal Entry
- Click Post to finalize the journal entry.
Rules:
Personal Accounts:
"Debit the receiver, credit the giver". This rule applies to transactions involving individuals or entities (like customers, suppliers, or the business owner). For example, if a business sells goods on credit, the customer (the receiver) is debited, and the business (the giver) is credited.
Real Accounts:
"Debit what comes in, credit what goes out". This rule applies to assets (what the business owns). If the business acquires an asset (like equipment or inventory), the asset account is debited. If the business sells an asset, the account is credited.
Nominal Accounts:"Debit all expenses and losses, credit all incomes and gains". This rule applies to income and expense items, which are used to calculate profit or loss. For example, when a business incurs an expense (like rent or utilities), the expense account is debited. If the business earns income (like sales), the income account is credited.
To get more details to how can I add or configure employee salaries in Metro Accounting System, please do contact us at support@metrogroup.solutions