Cycle Scheme

Yestin

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

anniem

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.

Anna