We’ve listened to your suggestions and are thrilled to launch our long-awaited Accounting Splits feature.
Now you can create groups of employees (known as Accounting Splits) based on your expense-tracking needs, and split payroll items according to how you wish to account for the various expenses associated with each specific group e.g. Directors. The Accounting Splits feature gives you more insight into your payroll expenses, promising to save you time and increase your efficiency.
The impact of the Accounting Split can be seen in the Accounting Info report, which shows the effect of the split across the various expense and liability amounts for the payment run – useful for reporting purposes.
In the past, our accounting reports only reflected a single total per payroll item making it difficult to identify expenses for specific employee groups e.g. Directors.
This new functionality also lets you map the payroll items for a particular Accounting Split, according to your company’s structure and needs, before posting the information directly to your journal in your accounting system.
If I’m a Xero user, how do Accounting Splits differ from tracking categories?
- Tracking categories let you see how different areas of your business are performing and can be used to keep track of cost codes – our accounting report will reflect payroll items lumped under one figure, but Xero will allow you to split accounts by tracking category.
- In contrast, Accounting Splits will split figures on our accounting report as per the groups you created. When posting to Xero, you will be given the option to post to different accounts, based on the group.
More information about setting up Accounting Splits can be found on our help site.
If you have any questions, you are welcome to email us at [email protected] to assist you.
The SimplePay Team