Sage nominal

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
When entering a cheque into Sage for payment of say, PAYE, NI conts, or the dredded VAT bill at the end of each quarter, which nominal do I post them to???

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Sage nominal

    <BR>PAYE/NIC<BR><BR>The wages should be posted as:<BR>DR Gross Wages (Expense)<BR>CR PAYE (Conrtrol account account 2210)<BR>CR E'ees NIC (Control account 2211)<BR>CR Net Wages (Control Account 2220)<BR>DR E'ers NIC (Expense)<BR>CR E'ers NIC (Control Account)<BR><BR>Net wages should be posted from the bank to the wages control account. The balance should be identifiable as either overpaid or underpaid wages.<BR><BR>The PAYE/NIC payment should be posted to the PAYE/NIC control accounts. The payment should be equal to the entries for the wage previous month.<BR><BR>VAT payment should be paid to the VAT liability account (2202) and will be included in the balance sheet as offset against the liability due.<BR><BR>Hope this helps<BR>Ben

Categories

Privacy Policy