[aerybritney]

Salary will be paid via TT to the employee's individual bank account every 24th of the month every month. (Salary being calculated is from 1-30/31 calendar day)

Salary will be paid in full amount although it is being paid early on every 24th of the month.

For this transactions, I will debit expenses under salary& wages and credit bank account on every 24th of the month. The payment voucher is under the employee's individual names.

Monthly financial reports will be produced to the BOD every end of the month or the first week of the following month.

My question is, do I need to record journal entries OR accrual OR liability since since the company has paid the salary for the current month in full?

Btw, what is the different between Accrued Salary and Salary Liability?

Are Journal Entries is A MUST every month for all transactions including salary?

[paraclete]

Salary will be paid via TT to the employee's individual bank account every 24th of the month every month. (Salary being calculated is from 1-30/31 calendar day)

Salary will be paid in full amount although it is being paid early on every 24th of the month.

For this transactions, i will debit expenses under salary& wages and credit bank account on every 24th of the month. The payment voucher is under the employee's individual names.

Monthly financial reports will be produced to the BOD every end of the month or the first week of the following month.

My question is, do i need to record journal entries OR accrual OR liability since since the company has paid the salary for the current month in full?

Btw, what is the different between Accrued Salary and Salary Liability?

Are Journal Entries is A MUST every month for all transactions including salary?

Accrual means something that you have not paid and is owing

[subin sam]

Pass the necessary entries on 30-4-2012
a. Staff Salary accrued 45,000Dhs
b. Advance paid to M/s NFM Co. LLC is Dhs 22,000/- on 15-5-2012 for the purchase of 200 bags of Flour No.2 of 50Kg
c. Trade License Fee from 15-01-2012 to 15-1-2013 paid Dhs 15,500/- to Dubai Govt (DED)
d. Provide bad & doubtful debts 24,000Dhs

[paraclete]

I think you have answered your own question