Nominal codes for wages and salaries
Posted: 18 Aug 2014, 14:01
I think I've used the wrong nominal accounts for wages and salaries.
I used 2220 'Net Wages' for the weekly payments made to employees and 7001 'Gross Salary' for monthly payments to Directors.
Compiling my year-end figures now and 2220 balance appears on Trial Balance but not on the P&L, and the payments made to Directors were net of deductions so not Gross Salary.
What nominal codes should I have used...and can I just make journal adjustments to put them in the right place?
Ron
I used 2220 'Net Wages' for the weekly payments made to employees and 7001 'Gross Salary' for monthly payments to Directors.
Compiling my year-end figures now and 2220 balance appears on Trial Balance but not on the P&L, and the payments made to Directors were net of deductions so not Gross Salary.
What nominal codes should I have used...and can I just make journal adjustments to put them in the right place?
Ron