When setting up payroll in Balabook, the following accounts are used by default:
Expense Account (Earnings) :
-Tracks salary expenses
-Can be overridden per employee or earning type
Payroll Payable (Liability):
-Tracks net salaries owed
-Reduces when payments are recorded
Social Insurance Expense:
-Tracks employer contributions
-Automatically calculated
Social Insurance Liability:
-Tracks amounts owed to social insurance
-Can be separated from income tax liability
Income Tax Liability:
-Tracks employee income tax deductions
-Automatically calculated according to Cyprus law
Key Notes:
- All accounts are configurable under Payroll > Settings.
- Default accounts are used when creating new earnings or employees unless overridden.
- Separate accounts can be used for better accounting visibility (e.g., one for social insurance, another for income tax).
