Enter Child Support Payments |
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Create a Liability GL Account called Child Support (or similar).
When entering the Payroll Journal, add the child support as a credit. This makes up the child support deduction.
When paying the child support to a third party, enter a chequebook payment from the bank account to the liability account. This will net off the child support GL account.
Further information Clear the Historical Balancing Account Suggested End Of Month Procedures Enter Government Support Payments Purchase a Capital Asset Under Finance Record Debtors/Creditors Contras ATO Reportable Sub-Contractor Payments Share Utility Expenses with other Businesses Understanding Debits and Credits |