Apr 24, 2020 11:19
4 yrs ago
60 viewers *
English term

salary credit

Non-PRO English Bus/Financial Finance (general)
Does anyone know what 'salary credit' means on a bank statement? The obvious would be that it is a monthly payment of someone's salary but in this case, according to me, it doesn't seem to be this.
Change log

Apr 24, 2020 22:02: AllegroTrans changed "Level" from "PRO" to "Non-PRO"

Votes to reclassify question as PRO/non-PRO:

Non-PRO (3): Yvonne Gallagher, philgoddard, AllegroTrans

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Discussion

Daryo Apr 26, 2020:
@ Asker what you SHOULD know is the name of this account - is it a company / a business or a personal account?

THAT would make a significant difference!

Also, if this accounted on the "credit" side of the bank statement, adding "credit" to "salary" makes little sense - the "credit" part would be a totally useless non-information as a salary would obviously always be "credited" to an employee (never heard of a salary being "debited" from an employee, so far!)

Normally, just putting "salary" (for such and such month) on the bank statement of a personal account is all that is needed!

There might be some not so simple explanation why this bank feels the need to add "credit" when reporting a payment of a salary in the account, or they might be simply following their own proprietary "logic" in doing so.

Without more background information, we can only guess ... Doesn't look "obvious / Non PRO" to me at all.
Luis M. Sosa Apr 24, 2020:
With Phil I happens when your employer pays your salary. This amount is shown as a credit in your account statement.
philgoddard Apr 24, 2020:
It normally means that your salary is paid into your bank account. Why do you say that doesn't appear to be the case?
Bénédicte Annys (X) (asker) Apr 24, 2020:
I would like to give you more information but I don't have any. The amount is in the column 'Credit'. That is all I have. Sorry.
AllegroTrans Apr 24, 2020:
It depends.... You need to look at the (normal) salary and see what's going on here. Is it a back-payment of salary for example. Perhaps if you gave us the full list of headings we might be better placed to help you.

Responses

+5
3 hrs
Selected

payroll credit [see definition below]

What does salary credit mean?
Definition: payroll credit. List of wage or salary payments submitted by an employer to a bank. The total amount of payroll is withdrawn as a single debit from the employer's bank balance and credited individually to each employee's account according to the list.

And as Phil alluded to in the discussion box.

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Note added at 2 days 3 hrs (2020-04-26 14:56:39 GMT) Post-grading
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Thank you.
Peer comment(s):

agree Lydia De Jorge : Absolutely!
56 mins
Thank you so much Ly. Hope all are staying at home (where possible) and safe!
agree philgoddard
1 hr
Thank you Phil. Hope you and the family are safe!
agree Yvonne Gallagher : not rocket science//Thanks! You too!
1 hr
Thank you Yvonne. Stay safe!
agree Tina Vonhof (X)
2 hrs
Many thanks Tina. Be safe!
agree AllegroTrans : presumably the person's salary as credited and set out on their bank account
6 hrs
Thank you. Presumably, yes. (Credited to the employee's account and set out on their statement).
neutral Daryo : would make sense ONLY for a business account // just "salary" would be more than enough - it's obviously going to "credited" to an employee, and it's anyway under the "credit" column, so what's the point of adding "credit" in the transaction description??
1 day 11 hrs
Really now?! 1. The Asker's question: salary credit; 2. Not a business account (reread!); 3. Each bank's coding is different (this case PAYROLL credit to personal account/on statement); 4. Don't care what u say - 0, & strange 5 agrees; 5. UR patronising!
Something went wrong...
4 KudoZ points awarded for this answer.
-3
3 mins

credit(upon/based) on salary/score

Peer comment(s):

agree EirTranslations
17 mins
disagree philgoddard : I've never seen the phrase used in this way, and it doesn't even appear in your reference.
5 hrs
disagree Lydia De Jorge : Total nonsense - as usual!
6 hrs
disagree AllegroTrans : Your ref is about credit scoring and irrelevant
10 hrs
disagree Daryo : no
1 day 14 hrs
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