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Regular pension payments

#1

I recently got help with setting up a regular payment to a supplier, however this post has been closed automatically so I can’t add to it, but can’t work out how to set up other regular payments which aren’t “supplies” as the correct code (in this case 7007) isn’t available either when setting up the supplier or on a purchase invoice.

We are a limited company and make monthly payments to NEST to satisfy the auto enrolment rules and another monthly payment to another older pension. The payments are the same each month and there are no employee payments so I don’t want to include it in a payroll journal. At the moment I am manually tagging the entry when it is uploaded, however I would obviously prefer it if it were automatic. Is there any way to do this? I thought that if I could find the “journal” for the last entry, I could then create a regular payment but I can’t find where to access the journals to modify.

Thank you, and apologies if I have missed something or am just being dense.

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#2

Journals are under Reports> Journals

IF you are incorporating Employee and Employer pensions through payroll journal then liability for pensions (both employee and employer) can be tagged to PAYE payable unless you have separate pension liability account in balance sheet. You can create bank tag rules to automate the process

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#3

Thanks Faraday. I don’t want to bother posting as a liability as this payment is made before it is actually due so there is never actually a liability. I simply want to record it as an expense. I think I have sussed it now as I have found “bank tagging rules” which should work (I hope!).

Thanks for the advice about finding journals. I thought that all entries would be posted as a journal and that I could make the pension payments regular from that screen but I now realise that only a few transactions are actually “journals”. It has helped me to find another error I have made to do with PAYE/NI though so thank you for all of your help.

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closed #4

This topic was automatically closed after 7 days. New replies are no longer allowed.

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