Yesterday, Xero made some fundamental changes to the was we reconcile payroll. Users have been asking for a change for over 12 months. There is a sense of relief among the Xero community that this update has been made.
The main change is that you no longer need to create the draft bill to reconcile payroll. The draft bill was the annoying step that need to be completed so that wage https://onhealthy.net/product-category/alcoholism/ payments could be reconciled. The reason for the draft bill was to create the vital journal entries for your Profit & Loss and Balance Sheet. With this new payroll update Xero now automatically integrates these journal entries into the Post Pay Run step.
When you need to reconcile your wage payments you just post it to the new Wages Payable – Payroll account. You can even create a bank rule to say time.
Xero have created this fantastic video on the changes to payroll that you can watch below.
The other part of the payroll update is ‘Notes’. This provide users with the ability to store comments & information for employees. Notes could be used to store important conversations or emergency details. All notes are time and date stamped and have restricted viewing by payroll administrators. An update down the track will be the ability to upload important documents as well.