Entering Wages/Salaries?

Accounting
1

Hi

I need clarification of how to best enter wages/salaries? I will be working from a report issued by a payroll company. I’m not sure how this is “tagged” in quickfile from the bank statement as I assume you must show “total wages”?

Is it best to set up a pension nominal code and under what code heading?

2

Hi @1andy_mc

You may find this post useful:

To tag wages, you would just tag the payment on your bank statement to “Salary, dividend or other drawings”

And then fill in the details:

As for pensions, there is a nominal account for these - Employers Pensions 7007

Hope that helps

3

Thanks for the recommendations and super swift replies!

4

Hi. We have been tagging salary payments, including salary payments to directors using the drop down menu of the tagging function when we check the bank statement. However, none of the costs appear in the P&L or the Chart of Accounts.We have been using QF for a while and I am sure I would have spotted this before now. Has something changed or am I making a mistake.

5

Hi @Spencer1

We haven’t changed anything here for some time. There was a change made a few years back which affects whether the wages were posted to the balance sheet or profit and loss (Account Settings >> Advanced Settings), which would depend on whether you are creating payroll journals or not.

I’ll dig up some more information on this for you and amend my post shortly

[Edit]
http://community.quickfile.co.uk/t/posting-wages-to-2220-without-posting-to-7003/5214

http://community.quickfile.co.uk/t/recording-payroll-journals/10183/2?u=qfsupport