Chart of accounts - payroll linking

Payroll Linking Accounts

This is where you link the Magnifi payroll accounts with the Xero payroll accounts.

The projected labour costs are derived from the Labour Drivers and will be allocated to payroll accounts in Magnifi. These accounts will appear in the Profit & Loss Projection with an asterisk (*) as per below.  


The accounts without an asterisk (*) represent those that have been assigned to a labour cost category under Chart of Accounts. These are the same accounts that appear in your accounting software (eg Xero). You need to link the Magnifi payroll accounts with the external (eg Xero) accounts and you do this under Chart of Accounts - Payroll Link as shown below;



You do not need to link all the accounts. For Example, Staff Incentives/Rewards has not been linked meaning it will continue to show as an editable account. After linking the accounts, the Direct Labour Cost section will look like this;