PAYE showing Asset Balance Sheet

Accounting
1

Hi,
I have made 2 payments for salaries in March 2014. I had sync my bank statement to quickfile and tagged the salary as Salary, Dividend or other drawing > Employee Salary PAYE and I entered Recipient name and checked as Director.

When I look at balance sheet it shows PAYE as asset. I have read your other guide but the journal codes are neither correct on that guide and I am not sure. I would appreciate your help as I am trying to consolidate this to fill my accounts.

Thanks in advance.
Manish

2

I can’t provide specific help with your payroll entries however QuickFile will post your NET wages to the balance sheet code 2220. A simultaneous posting is then made to move that balance to the profit and loss code 7003 (NET Staff Salaries Paid). This means your P&L will always account for any salary adjustments.

If you are entering your own payroll journals into QuickFile you can switch on the option to only post to the balance sheet, you can then move this balance yourself later via your payroll journals.

You will find this option in Account Settings >> Company Settings >> Advanced Features.

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3

Thanks Glenn. I have done this. But how to fix manually the older enteries?

4

You can either post a journal or use the bulk recoding tool.

5

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