Hi, I am still learning how to use Solar so could you please tell me what the difference is between the bank and cheque account. Which one should i use to make payments.
Also if I want to post an entry for 'net wages payable' do i create a new account for this. It will get paid with petty cash at a later date.
Thanks for all your help. I always get an extremely fast and helpful response.
Hi Shazia,
The 'Cheque Account' in Solar Accounts is used to represent your main bank account. If you make payments directly from your bank account then set the Paid From Account to 'Cheque Account'.
If you receive the 'net wages' as an employee of another business, this would be considered your personal income (not business income) and so wouldn't appear in your business accounts. However, if 'net wages' is from a client to your business, you would normally record an invoice when you perform the service (and the money becomes payable) then later record an invoice payment when the money is paid.
Regards,
