Although i am now understand how to post gross & net wages etc, to the relevant journals, I was previously ony posting net wages to NC 2220 and Tax & NIC to NC2210/2211 both as bank payments.
(Not using journals) This reconciled the bank ok, but I need to record the gross wages.
How do I post the gross wages & Employers NIC for the last 3 months. Can I do this with an adjustment or is it easier to delete the last 3 months bank payments and start again using the journals?
thanks, Ed
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Posting / correcting Wages
Re: Posting / correcting Wages
Hi Ed,
I always post the payment of net wages NC 2220 and payments to HMRC Tax & NI NC2210/2211 as bank payments.
Then I Journal the following:-
Gross Staff NC 7000 DR entry
Employers NI NC 7006 DR entry
TAX NC 2210 CR Entry
Total NI NC 2211 CR Enty
(Incl Employers)
Net Pay NC 2220 CR Entry
Re the Gross Staff you can post these individually, allocating a different Nominal Code for each, I prefer this, but it is probably overkill.
Been doing the above for about 8 years and not had any complaints from the Accountants to date.
All the best
Sharone
I always post the payment of net wages NC 2220 and payments to HMRC Tax & NI NC2210/2211 as bank payments.
Then I Journal the following:-
Gross Staff NC 7000 DR entry
Employers NI NC 7006 DR entry
TAX NC 2210 CR Entry
Total NI NC 2211 CR Enty
(Incl Employers)
Net Pay NC 2220 CR Entry
Re the Gross Staff you can post these individually, allocating a different Nominal Code for each, I prefer this, but it is probably overkill.
Been doing the above for about 8 years and not had any complaints from the Accountants to date.
All the best
Sharone
shaz
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brucedenney
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Re: Posting / correcting Wages
I would do an individual journal for each month to move things around to where they should be.
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Re: Posting / correcting Wages
Thank you both for your assistance,
I have now sorted this out.
Regards,
Ed
I have now sorted this out.
Regards,
Ed
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