I have been using the following ‘how to’ enter payroll / PAYE details
But would like to know how to add in the student loans to it please.
Hi, as long as the PAYE value on the payroll journal was entered as a credit, and the cum balance of that PAYE account is in credit then it should show as a liability not and asset. As for Student loan, assuming you have payroll software and the student loan has been calculated it’s usually added with the PAYE nominal this just simplifies the payment tagging at a later stage.
Thank you. Yes the figures are calculated though the payroll software. Just wanted to check as there is a nominal code for student loans.
Payroll software typically bundle Tax & NI & Student loan into the PAYE Nominal account No. 2210
so the Payroll Journal looks a bit like this: (NI ignored)
When you make the payments for wages and to the HMRC
you tag them to the 2220(net wages) and 2210(PAYE)
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