1 the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these. the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these.
Closing entries are needed to clear out your revenue and expense accounts as you start the beginning of a new accounting period. Preparing your closing entries is a very simple, mechanical process. Follow these steps: 1  Close the revenue accounts. 2  Prepare one journal entry that debits all the revenue accounts.
At year-end, I have an expense which was not paid. Therefore, a journal entry was created to debit the expense and credit the balance sheet as other creditors.Post year-end, the expense was paid.This bank transaction entry should be coded to other creditors.ou can amend you previous credit journal from Other Creditors to code 660 Accruals and then follow the same procedure in the new year. You would then explain the bank transaction as normal to the expense category.