How to pay salaries in Finmap

Payroll accounting is the most common situation when setting up your management accounting. In Finmap, we have tried to make it as easy as possible. Just specify to whom you want to pay, payday date or period.

1. Create an expense with the “Salary” category, and fill the field with the amount. In the “Counterparty” field, enter the employee’s data – full name or just a name, specify the date and select the period.

If you pay bonuses or any other extras for the salary, you can display it as a separate expense, for example, at the end of the month after calculating the plan. 

If you have several departments and many employees, you can specify the name of the department’s head and calculate the total salary in one transaction.

In the example above, we are considering payroll for one employee. 

2. The system category Salary allows you to select the required payment period. It can be specific dates, the current month or the previous month.

3. The service also allows you to make this operation recurring, where you can specify the frequency of payments. 

Select the “Other” option to choose the frequency of payments and the number of repetitions you need. 

4. Let’s simulate the situation: we have scheduled an employee’s salary payment a year in advance.

On the left-side panel, we can see the total expenses in the “Salary” category for the entire period as future scheduled payments. 

5. In the “Transactions” section, we see our actual expenses and can specify the account for salary payments.

Of course, if you know which account you will use to pay salaries, you can specify it immediately when creating an expense. However, there are situations when we don’t always know from which account we will make the payment. 

Therefore, we can specify this item at any convenient moment – click on the desired transaction in “Transactions” and select the desired account.

When you specify the account and save the changes, the service will offer you to change only this transaction or all the following ones. Choose the option you need. 

6. What information can we see in the Analytics reports? In the Payables report, you can see the total amount owed to your employee.

If you have several employees, you can use the filter and choose to view data for a specific employee or another creditor.

7. In the Money report, we can see the actual payment of salary in April, exactly when we made this payment, as well as planned future payments

8. It should relate this salary payment to March in the “Profit” report. We see it in the selected statement.

Thus, the “Money” report shows the date we have written the funds in a Salary category, and the Profit report shows the accrual period.