Company Pension Contribution

Accounting
1

Hi,

Please bear with me I am new to QF and this is my first post.
I am trying to convert over from QuickBooks to QF.
My questions is how do I account for Company Pension Contributions.
I have found an old article that discusses “Dealing with Pension Contributions”.
However the thread uses screenshots showing how one would do this, but the images do not display so I cannot be sure if I am missing something.

Can someone help and please post the steps I need to follow to perform this in QF

Many Thanks

2

Hi same problem i have both employee and employer contributions to make for several employees?
so where do we post the payments? any help would be appreciated

M x

3

I’m having the same issue as a limited company, tried to follow the old post (without images - and it was for a sole trader) and tagged the payment ok from the bank statement but it doesn’t show on the P&L. If anyone can help, it really would be appreciated.

Thanks

Mark

4

I’m trying to sort out Limited Company pension contributions, the best I can find is in here but the pictures no longer work

Processing Pension Contributions

can they be updated? I’ve followed the instructions as far as possible and have tagged the amount on the bank statement but it doesn’t show up on the P&L.

I just want to see if there is another journal shown in the pictures that I need to do.

thanks in advance.

5

Hi @CowlingQS, we’ve now restored the imagery in the old post you mention here.

6

This link no longer works.

We’ve had to set up auto-enrollment, so I’ve got a payment to NEST coming out of my ank account, but I’m not sure how to account for it correctly.

Can that post be restored or updated please. I imagine a lot of people will be needing it very soon.

7

Pensions can be dealt with same as PAYE, you can create new nominal accounts, call it Employer Pension contribution (P&L) item and one in balance sheet call it Pension payables. When it comes to enter monthly payroll, pension enteries can go along with other payroll enteries, extra would be Dr Employer Pension and Cr Pension payable (for both employee and employer contribution). Once payment for pensions gone from bank Dr Pension payables and Cr bank.

I hope it helps.
Regards

8

We recently switched off the old forum from 2013 as it contained quite a bit of outdated information. That said we have migrated this post:

9

The link here seems to be for sole traders, what is the process for VAT registered limited companies?

10

Anyone know how to do this for ltd companies not sole traders?

11

Dr 7007 Employers Pensions (employer only contribution)
Cr 2230 Pension Fund (both employers and employee pension contributions)

above journal will be done along rest of payroll journal for the period

12

What if it is a one-off pension contribution with no associated payroll?

13

Depending if allowable expense for company or not , if yes
tag bank payment to 7007, else tag it to director a/c if not allowable exp

14

Thanks, final and stupid question.

What is the difference between

Employers Pensions (7007) and
(2230) Pension Fund

and how should they be used? Does one represent money paid out, and the other represents the money into the pension fund?

15

7007 is Exp (P&L) a/c, 2230 is liability a/c (balance sheet)

16

Thanks for your help :slight_smile: