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Profit and loss

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Andrea

Profit and loss

Post by Andrea » 15 Mar 2006, 10:07

Hi can anyone tell me how to include your wages and Paye etc in your P&L report? As I do not think that it does it automaticly unless I am wrong?!

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brucedenney
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Post by brucedenney » 16 Mar 2006, 15:36

Payroll will appear in the expenditure part of the P&L assuming you have done your payroll journals correctly.

There is a bit about payroll journals here

http://sage.support.makingithappen.co.u ... tm#Payroll

If you can describe where in the nominal you post payments to the tax man and staff then it would be clearer.

My guess is that you are making payments agains the balance sheet accounts and not journalling these to the P&L. If this is the case then you should see large balances accumulating in those balance sheet accounts, if you are doing it as intended then the balannces should be returning to zero as soon as you pay staff and the taxman.
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Guest

Post by Guest » 21 Mar 2006, 20:45

Gosh, you have made me panic now!!! All I do is go to bank and make a payment out for wages and NI and PAYE (on the correct nominal codes I have to say!!) I have not done anything with regards to a journal?
Thanks so much for replying to me though...don't feel quite so alone now!!!
Andrea

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Post by brucedenney » 22 Mar 2006, 15:38

Well that is not so bad.

At least if you have been posting the payments to the right place (ie the balance sheet) and not into the P&L so all you need to do is the journal.

Your P&L will have been wrong, it will missed out the cost of the wages, so you want to get that journal done, before someone spends the profits, they havn't actually made. :D
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Andrea

Post by Andrea » 24 Mar 2006, 16:28

Hi,

Thanks for your reply! I have just done a journal entry and saved it and then went to see if the balance on the p&l was different but it remains the same values?

Also the net wages do appear in the nominal ledger window, (under current liabilities in the credit column, so does this mean that they are being taken into account on the p&l report?

Sorry to go on!!

Many Thanks
Andrea

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Post by brucedenney » 24 Mar 2006, 16:38

Keep going on, I would hate to think people give up!!

I think it would be useful if you give more details.

What are the balances of the NI/PAYE & Wages (2210 2211 2220) accounts in the Balance Sheet?

What are the Balances of the Various splits of Employment costs in the P&L (600x 700x)

What was the journal that you did?
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Andrea

Post by Andrea » 28 Mar 2006, 12:37

Hi again!!

On the P&L report, there is no Employment Costs row on it?!!

And the Journal that I did was under Nominal Ledger Journals and Net Wages (2220) T9 and I entered an amount in the debit column just, of an amount that I had paid out in net wages only.

Thanks

Andrea

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Post by brucedenney » 29 Mar 2006, 14:25

It is still unclear what is going on.

You say the journal was a debit to 2220 but you don't say where the credit went.

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Normally you would have 3 totals from your payroll

Wages to pay to staff and PAYE/NI to pay to the inland revenue.

The cost of employing your staff is the sum of all three costs.

You would Credit 2220 with the net wages amount, you would Credit the NI/PAYE to 2210/2211 the balance if this would then be a debit against employment costs in the P&L typically 7000

For example Net Pay £100 Tax £10 NI £10 - Total Cost of employment = £120

After running the payroll and doing the journal, the above example would show £20 owing to the Revenue for Tax and NI, £100 owing to staff in net wages and £120 cost of employment in 7000.

The Bank payments to the staff are made against 2220, once they have been made, the balance of that account should be zero, indicating that you have not made any mistakes, over or underpayments.

Similarly when you pay the revenue the balance of the 2210/2211 account(s) will return to zero again confirming that you have not made any mistakes.

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I suspect that you have a been doing the last steps, the bank payments correctly, but that you have not done the original journals.

You say you have no account for Gross Wages 7000 so I suggest you create the account and do all the journals to rectify the situation.

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I still don't know what the journal you did was, you will need to give more details to resolve it.

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(If you have Sage payroll you can get it to do the journals for you, you can also get it to split the costs into different nominal codes for different departments and/or types of pay something that is real pain to do by hand)

I don't split NI and PAYE this makes it more simple.

If you are not going to run historical monthly reports, then you can fix this with one journal, otherwise you will need to do a journal for each month.
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