You can use WAVEto give an employee an advance on upcoming pay, which can then be reimbursed to the company through payroll deductions.
You can use Benefits and Deduction under Employee and click the Add Pay. Once the advance amount is added in Payroll, you can revise the journal transaction created, and record the employee advance as a receivable asset.
Hope this helps, and if any further questions please do not hesitate to contact us.
Hey @CultureGap . I don't want to advise you on the wrong way of handling this, so I'd highly recommend reaching out to your accountant who should be able to give you the best bookkeeping practice for an employee advance.
muaaz
Member Posts: 6
Comments
Hi Muaaz,
You can use WAVEto give an employee an advance on upcoming pay, which can then be reimbursed to the company through payroll deductions.
You can use Benefits and Deduction under Employee and click the Add Pay. Once the advance amount is added in Payroll, you can revise the journal transaction created, and record the employee advance as a receivable asset.
Hope this helps, and if any further questions please do not hesitate to contact us.
Thanks
Abbas Ali.
Yes, please open up payroll to other countries via 3d party apps integration. win-win.
How do we account for employee pay advance if we're not using Payroll in Wave?
Hey @CultureGap . I don't want to advise you on the wrong way of handling this, so I'd highly recommend reaching out to your accountant who should be able to give you the best bookkeeping practice for an employee advance.