Hello @BLPROP
You would have to set up a code within the 6000 range as per the default chart of accounts.
You can then use a journal to move the balance across.
Hello @BLPROP
You would have to set up a code within the 6000 range as per the default chart of accounts.
You can then use a journal to move the balance across.
I have an older QuickFile account from back when a wider set of nominal codes got created by default to line up with the then-standard set used by Sage, which most accountants will be familiar with. So my CoA has
One or more of those might be appropriate for your case.
Certain QuickFile transactions are hardcoded to post to the 7000 accounts.
e.g. if I do a bank reconciliation and tag a salary transaction it auto posts to the Net Wages account which is 7003 and as far as I can see canât be changed.
Thanks. However the hardcoded Quickfile bank tagging auto posts salaries to 7003 Net Salaries.
The 7003 thing is intended as a shortcut for cases where you arenât running a proper payroll and you donât have any deductions to make for tax, NI, etc. etc. In all but the simplest of cases youâre going to be running a PAYE scheme, in which case you probably want to change the setting to âpost net wages to balance sheet onlyâ to be âONâ. Doing this means that salary payments will be posted to a balance sheet code 2220 instead of the overheads code 7003, and then you take the data from your payroll software to create a journal that moves things around to the correct places.
This journal is where you would put the gross pay before deductions as a debit onto your new 6xxx code, the deductions for employee NI and tax as a credit onto the âPAYEâ balance sheet code 2210, and the remaining net pay as a credit to 2220 to balance out the debit created when you tagged the salary payment transaction. You might also have things like pension contributions to deal with - thereâs a fuller example in the knowledge base article âRecording payrollâ.
If you have employerâs NI to account for as well (if itâs not all covered by Employment Allowance) then youâd also need to debit Employerâs NI (7006) and credit PAYE (2210) for that amount in your journal as well.
The balance on 2210 will be cleared when you make your monthly PAYE payment to HMRC.
Thanks. Much appreciated.