- Knowledge Base Categories:
- School Accounting System
- Payroll
Training Tidbit: How do I verify the wages expensed during the EOFY process have been paid in full?
Did you use “Method 2: Expensed Payroll” when completing the second step on the Payroll End of Fiscal Year Checklist to expense your salaries and benefits at the end of fiscal year and then write the checks in July and August? If so, the Balance Sheet Accounts for the Contracts Payable and Benefits Payable accounts should be zero after the July and August payrolls have been completed and updated.
To verify the Contracts Payable and Benefits Payable accounts have a zero balance, print a Balance Sheet for August and review the balances for those two accounts for all applicable funds (those from which you would have expensed payroll in the prior fiscal year).
Note: If the Contracts Payable and Benefits Payable accounts do not have a zero balance at the end of August, print the balance sheet for the applicable funds for June and check to see if the amounts in the Previous Balance column for the Contracts Payable and Benefits Payable accounts on the June report match the Ending Balance column on the August report, which ensures the amounts expensed this fiscal year have all been paid.
Tip: The Employee Expensed Wages Report – Detail or the Employee Expensed Wages Report – Summary can also be printed in order to see a list of employees that had wages expensed. The report shows the total amount expensed and remaining for the wages, deductions, and taxes for each pay code for each employee (typically, the remaining amounts will reflect all zeros, but in some cases, there might be remaining amounts due to adjustments that were made). The Employee Expensed Wages Report – Detail or – Summary can be printed from the Reports menu on the Payroll screen and then Employee Reports (PR). When generating the report, select All Expensed Wages as the Report Selection Description to see all the employees that had wages expensed.