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Journal for wages...

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Mels17
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Journal for wages...

Post by Mels17 » 26 Jun 2019, 12:22

Hi there, I’m relatively new to journals and have a question... once I’ve completed a wages journal do I then have to separately enter the wage amounts, PAYE and pension as bank payments, using their correct nominal code?
Am I right I’m thinking the journal puts the figures in the nominal code control account and the bank payment takes it back out again?
Thanks

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brucedenney
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Re: Journal for wages...

Post by brucedenney » 26 Jun 2019, 14:36

Have a look at this guide I wrote some time ago and see if it answers your questions, if you need clarification let me know

http://www.makingithappen.co.uk/sage-50 ... .htm#Wages
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

Mels17
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Re: Journal for wages...

Post by Mels17 » 26 Jun 2019, 14:46

Thank you, that was helpful! I’m sure I’ll be back with more questions at some point :D

Office1
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Re: Journal for wages...

Post by Office1 » 01 Mar 2020, 15:40

Can I jump in on this please.

New to this myself. At the moment the accountant are doing the wages. To record these on my our system, do I post the wages each monday as bank payments from the bank statement. Then do a journal entry for gross, prsi, tax, usc and net ?


TIA

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brucedenney
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Re: Journal for wages...

Post by brucedenney » 02 Mar 2020, 12:48

Yes, that is correct.

At the moment, I imagine you also do a payment to HMRC for the Tax and another to the Pension provider and possibly others.

what the payroll journal does is to break up the cost of employing people (which goes tot he P&L) into a number of costs that need to be paid to various bodies (which are in the balance sheet). Each body has a control account, you place the amount that will need to be paid into the account and then when you pay it, the balance on the account goes back to zero.

So the cost of employment goes into the P&L and the amount you owe to the Staff, HMRC and the Pension provider go in the Balance Sheet as Creditors, and as you pay off each creditor the amount you owe them returns to zero.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

Office1
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Re: Journal for wages...

Post by Office1 » 02 Mar 2020, 13:18

thanks for that.

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