Hi I have to account for a single employer pension contribution. Any suggestions on how this should be accounted for?
Chris
In what way are you having difficulty? But hard to advise with out more info
Do you need to know how to tag the payment? How to create a journal?
Hi Paul, thanks for your message. My main issue is what to categorise the payment (accounting wise) I know the basics of how to tag the payment. Any advice would be much appreciated!
It depends how indepth you want it to be on the profit and loss, but I just add a new nominal in chart of accounts near paye as employer pension contributions and use that when creating my payroll journals.
When the money leaves the account I tag it to that also.
If at year end you want to lump all pay under gross wages just move it from that nominal to gross pay using a journal.
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