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Employee Loan

Sage 50 general help forum - Free help and support for all general issues
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tigerlily59
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Employee Loan

Post by tigerlily59 » 15 Feb 2011, 15:55

Hi,

I have just started a new job doing the books for a limited company using Sage Instant accounts - not sure which version it is. The company have lent a member of staff some money, and are adding a small amount of interest. The repayments will be taken out of his wages. Can anyone tell me how to account for this please. If I create a nominal code for staff loans in the 11xx's debtors, then make a bank payment to that nominal - would that work? What about the interest, where should I account for this.

Any help would be appreciated

Thanks
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brucedenney
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Re: Employee Loan

Post by brucedenney » 15 Feb 2011, 17:17

Yes that makes perfect sense.

The way to do the interest. I would just do a journal each month from a suitable P&L account to the loan account to be the interest charged that month.
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tigerlily59
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Re: Employee Loan

Post by tigerlily59 » 15 Feb 2011, 17:56

Thank you for the reply, so if I put Interest received on loan somewhere in the 49xx, the journal entry: cr the p&L account, dr the loan account. Would that work?
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brucedenney
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Re: Employee Loan

Post by brucedenney » 18 Feb 2011, 18:27

That seems fine to me.
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tigerlily59
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Re: Employee Loan

Post by tigerlily59 » 23 Feb 2011, 08:22

Thank you for the reply
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