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Payroll transactions - doubling withdrawals
drkent3
Member Posts: 11
This appears to have been asked by others, but the answers don't seem to make sense in my case - possibly my own lack of understanding.
I use direct deposit for payroll. There is a Journal entry created for the full amount of the payroll (taxes, net pay, etc.). There is also an entry that is a withdrawal from the checking account that is categorized as Payroll Liabilities. Finally, a 3rd entry is categorized as Payroll - Salary and Wages that also is a withdrawal from the checking account.
I'm not sure why there are two withdrawal transactions, as it seems to double my expenses for payroll. Is there a setting that controls this?
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In digging deeper, it looks like the Payroll Liabilities entry is generated automatically by Wave, then the Payroll - Salary And Wages entry is imported from the bank account the next day when it is recorded by the bank. Perhaps I have an option setting that I don't need?
OK - figured out how to 'fix' it using the merge option in the transaction screen (select both transactions, and click the merge button). I guess this is a side effect of importing bank transactions as well as having Wave create transactions automatically for payroll (and I presume invoicing, which I am just starting to use).
Hey @drkent3 , you're right on the ball with this, happy you were able to figure this out! Let me know if you have any further questions.