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Post Info TOPIC: SMP-Advanced funding how do I enter it in Quickbooks
Farmo


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SMP-Advanced funding how do I enter it in Quickbooks
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Has anyone ever come across advanced funded Maternity pay?

I have received it in 2 payments for  my employee (one before 5th April one after)

first payment was paid in but most of it related to next financial year

 

Does anyone know how do I account for this on quickbooks (not quickbooks PAYE), as need to do our end of year accounts  

Funding received by HMRC is it in creditor? or liability? then per month how do I take each SMP out and lower the balance?

 

Thanks in advance for the advise on how to process this.

 

 

Thanks



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Cheshire


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Why is the text sooooo small on your post?

Sorry but we cannot provide such advice on here - I would suggest you have a quick chat with your Accountant who can guide you as to the day to day side of the transaction and then can also sort out the year end adjustments for such.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Shamus


Forum Moderator & Expert

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Cheshire wrote:

Why is the text sooooo small on your post?

maybe because it's cut and pasted from here :

https://www.accountingweb.co.uk/any-answers/smp-advanced-funding-how-to-enter-it-in-quickbooks



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Cheshire


Master Book-keeper

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Ahhh. Not got over there in a while. Will be good for a change and not respond on Aweb as well.



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Answered on Aweb - but not a thank you in sight over there. Poor form.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Which is surprising (the answer I mean) as sometimes they get told to take a hike.

I still think we should have a small form peeps have to fill in on here so we know they are accounting people, with similar questions newbies are asked anyway. For sure some business people will pretend they are accounting people but we soon tend to suss them.  



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


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Lol on the avatar change Shaun. If that came true though we would have as many one liners....cue John!!

John- they use a form on Aweb now, asks a few details about people's accountancy practice, yet so many must lie when they fill it in as look how many business owners they have on there!! A lot get told to do one, but I think Lion has the bug, likes to answer, or is bored(!) But yep, we usually spot them a mile off.


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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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I know a very naughty one about chickens and crossing the road, but it's not repeatable here!!

But you can have a clean one about chickens, a bit longer than a one liner though

Three Legged Chicken

A man was driving along a rural road one day when he saw a three legged chicken running down the road. He was amused enough to drive along side it for a while, as he was driving he noticed the chicken was running 30 mph.

Pretty fast chicken, he thought, I wonder just how fast it can run. So he sped up and the chicken did too! They were now moving along the road at 45 mph!

The man in the car sped up again, to his surprise the chicken was still running ahead of him at 60 mph!!!

Suddenly the chicken turned off the road and ran down a long driveway leading to a farmhouse. The man followed the chicken to the house and saw a man in the yard with dozens of three legged chickens. The man in the car called out to the farmer "How did you get all these three legged chickens?"

The farmer replied, "I breed 'em. Ya see it's me, my wife and my son living here and we all like to eat the chicken leg. Since a chicken only has two legs, I started breeding this three legged variety so we could all eat our favorite piece."

"That's amazing!" said the driver "How do they taste?"

"Don't rightly know, I ain't caught one yet!"

 

 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Artois


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Leger wrote:

I know a very naughty one about chickens and crossing the road, but it's not repeatable here!!

But you can have a clean one about chickens, a bit longer than a one liner though

Three Legged Chicken

A man was driving along a rural road one day when he saw a three legged chicken running down the road. He was amused enough to drive along side it for a while, as he was driving he noticed the chicken was running 30 mph.

Pretty fast chicken, he thought, I wonder just how fast it can run. So he sped up and the chicken did too! They were now moving along the road at 45 mph!

The man in the car sped up again, to his surprise the chicken was still running ahead of him at 60 mph!!!

Suddenly the chicken turned off the road and ran down a long driveway leading to a farmhouse. The man followed the chicken to the house and saw a man in the yard with dozens of three legged chickens. The man in the car called out to the farmer "How did you get all these three legged chickens?"

The farmer replied, "I breed 'em. Ya see it's me, my wife and my son living here and we all like to eat the chicken leg. Since a chicken only has two legs, I started breeding this three legged variety so we could all eat our favourite piece."

"That's amazing!" said the driver "How do they taste?"

"Don't rightly know, I ain't caught one yet!"

 

 Hi John

Very good, like it

When I first started reading it thought it was just another "fast food ad"!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Cheshire


Master Book-keeper

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Lol you two and on your new avatar John. Are you both considering putting your names down for next years Edinburgh fringe festival?

I mean as street food sellers or barmen - obviously not as comedians!

Even though you make me giggle!


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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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