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wages entry

Tips and advice on how to use Landlord Vision.
spakeybtin
Posts:7
Joined:Mon Jun 13, 2016 9:21 am
wages entry

Postby spakeybtin » Tue Feb 14, 2017 10:44 am

Hi, has anyone entered wages expenses ?

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: wages entry

Postby emm » Wed Feb 15, 2017 10:50 am

Hi,

This can be done via making journal entries in Account Manager -> Journal. If the accounts mentioned below are not already created, you can set them up under Settings => Chart of Accounts' before you begin the journal entries:

At the end of the month when you know what is to be paid to whom -

1. Click on 'Add Journal'

Line 1: Salaries/Wages Expense Account ---- Enter the amount in the Debit field
Line 2: Salaries Payable Account (Liabilities) ---- Enter the amount in the Credit field
Line 3: PAYE/NI Payable Account (Liabilities) -----Enter the amount in the Credit field
(The two credits should add up to the Debit amount.)

When you actually pay the wages to your staff, make the following Journal entries:
Line 1: Salaries Payable Account -----Enter the amount in the Debit field
Line 2: Bank Account ----Enter the amount in the Credit field

And when you pay PAYE/NI to HMRC, make the following Journal entries:
Line 1: PAYE/NI Payable Account ---- Enter the amount in the Debit field
Line 2: Bank Account ---- Enter the amount in the Credit field.

Hope this helps!

spakeybtin
Posts:7
Joined:Mon Jun 13, 2016 9:21 am

Re: wages entry

Postby spakeybtin » Wed Feb 15, 2017 12:52 pm

Thanks, I'll give it a go :)

spakeybtin
Posts:7
Joined:Mon Jun 13, 2016 9:21 am

Re: wages entry

Postby spakeybtin » Fri Mar 03, 2017 12:47 pm

Process works out fine, thanks.

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: wages entry

Postby emm » Fri Mar 10, 2017 2:46 pm

Great! Glad it worked for you.

M


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