The Book-keepers Forum (BKF)

Post Info TOPIC: Give As You Earn


Newbie

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Give As You Earn
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Hi

Can anyone tell me whether G.A.Y.E nominal code should be set up in same category as PAYE or Donations?

Many thanks

confuse

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Expert

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Hi Karen,

my understanding is that GAYE is a donation from employees so I would say you would just journal salary details as per usual with no mention of it. If it is an owner managed company then the donation is still personal so I can't see that it would form any part of the company accounts. Maybe!

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Rob
www.accounts-solutions.com


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Wouldn't it need to be paid over to someone so wouldn't it need a liability account to sit in till it was paid out?

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Advice from beyond the grave!!!

E&OE



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Rob, you're probably right (you usually are) but I have a sneaking feeling Karen needs to create this for an exam exercise. biggrin

If so, and based on past ICB papers, it should be a 22XX code.

Cheers
Neil

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Expert

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Thanks guys you are both, of course, correct. I need to stop shooting from the hip and think things through, but you know this forum has been great for me in that respect, it has improved my bookkeeping knowledge considerably.

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Rob
www.accounts-solutions.com


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Thanks guys! 22XX is where I have put it anyway so thanks for your help - love this forum!

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I always ue the 22XX codes, just under pensions as its a liablity until it is paid out..

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Newbie

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Thanks Lisa - that makes sense biggrin


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