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Post Info TOPIC: Advice on QB journal entry
Arunelis40


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Advice on QB journal entry
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Hi there,

I was wondering if anyone could help me with the journal entry for wages in QB 2010 pro version.

I have been reading manuals and online help however it is still not really clear.

The question is from computerised level 2 mock papers.

Post April wages journal

                                 Dr               Cr

Gross wages          3487.00

Employers NI            256.00

PAYE Deductions                       476.00

NI Deductions                            389.00

Net Wages                                2878.00

 

I did the following way:

 

Expences:Wages              3487.00

Expences:Employers NI      256.00

Current liabilities:PAYE                               476.00

Current liabilities:NI                                   389.00

Expences:Wages                                     2878.00

 

I am not sure about how correct it is,and what steps to take to make these entries.

Thanking you in advance



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Robert Pearce


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Arunelis40 wrote:

I did the following way:

Expences:Wages              3487.00

Expences:Employers NI      256.00

Current liabilities:PAYE                               476.00

Current liabilities:NI                                   389.00

Expences:Wages                                     2878.00

The net wages credit of £2,878 should be posted to a balance sheet account and not posted to wages in the profit and loss account.



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Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.
Arunelis40


Newbie

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Posts: 4
Date:
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Many Thanks Robert

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