I am a Co-Director of a Ltd company and we pay direct employer pension into a private provider (not through payroll). I have bank transactions logged but now not sure how and what to do next in order that the P & L reflects correctly, can any advise please?
You can tag the bank transactions as “something else” and post to say Employers Pension …code 7007
thank you, does this also need a journal?
No…tagging the bank transaction will do all the double entry, CR bank and DR Employers Pension code.
When you produce a Trial Balance, the nominal code for Employers Pensions will be showing a value. You can click into this and see the transactions.
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