Closing Payroll G/L Period

While pay periods relate to income tax calculations and records of employment, the G/L period identifies which period the payroll amounts will be posted to.

Close off the payroll G/L period when you have completed your month end and no new pay cheques should be posted there.

To close off the payroll G/L period, navigate to [c] Payroll, then [l] Advance Pay Period.

When we were advancing the pay period, we concerned ourselves with the first box. To advance the G/L period, we’ll flag the second box.

Checking the ‘advance P/R current month from 202006 to 202007’ advances the payroll G/L period.

Now, when you create cheques, they’ll be posted to July, 2020.

And when the payroll is transacted, and the G/L updated, the amounts for that cheque will go to the July 2020 period.