Confusion with Journals

Good Morning Everyone

I am getting confused about my chart of accounts and journal entries. I have been using Quickfile for over a year and I have only just realised today that ‘Gross Wages’, ‘NET Staff Wages Paid’ and ‘Employers NI’ entries in the chart of accounts are empty, even though I pay my staff on a weekly basis. Whenever I pay my staff, I use my Payroll software to do the calculation and then enter the relevant figures into my accounts by creating a new transaction and tagging the transaction as a Salary Payment and entering the employees name.

Now, I have been reading this morning about then creating a journal entry for NET staff payments. I am now so confused!!! So here are the questions I have:

  1. Do I now have to go through the last 26 weeks of payments are create journals for each week?

  2. Should these journals include Directors salaries as well? (I do have a figure within the directors salaries section, but the figure is very very wrong!!!)

  3. I never did any of this in my last financial year, but I paid for the Quickfile end of year service. Would these issues have been solved as part of that service?!

I am now worried that my accounts are all over the place. Please can I have some guidance on this.

Many Thanks

Hi Damien, my colleague has sent you a private message to get the payroll reports.

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