Page 1 of 1

redundancy salary journal

Posted: 13 May 2009, 09:27
by helene
Hi, Inexperienced at doing wages and I've got a redundancy payment which needs to be posted. How do I do this? Any help appreciated. Thanks

Re: redundancy salary journal

Posted: 13 May 2009, 16:46
by brucedenney
The redundancy element is probably not liable to tax, however, it is not normal pay, so you might want to separate it out and create a separate account in the Nominal for it, near to wages.

It is very dependant on how management want to view, it, you should discuss it with them.

Re: redundancy salary journal

Posted: 14 May 2009, 08:17
by helene
Decided to keep it in with the wages but show it separately on the journal. Thanks for help.