Cycle Scheme
Yestin
Registered Posts: 83 Regular contributor ⭐
Hi All,
Just a short one. I was wondering what would be the best way to run the Cycle Scheme through the accounts for receiving the invoice to when the deduction is made at the payroll stage. I take it it needs to be on the Balance Sheet and the monthly payments are allocated against it?
Any advice would be much appreciated.
Thanks,
Yestin
Just a short one. I was wondering what would be the best way to run the Cycle Scheme through the accounts for receiving the invoice to when the deduction is made at the payroll stage. I take it it needs to be on the Balance Sheet and the monthly payments are allocated against it?
Any advice would be much appreciated.
Thanks,
Yestin
0
Comments
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I'm not sure if I've got the right end of the stick from your explanation, but think it's a bit like a situation I have with an employee and his electricity bills, where I have invoiced him for his electricity and deduct a monthly amount from payroll.
The only way I can process the allocation on our accounting system without running it ficticiously through the bank account is:
Create a credit note for each payment received from the employee; coded to the electricity nominal.
Allocate the credit note against the original invoice.
Hope this helps.
AnnaFMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0
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