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Post Info TOPIC: Pension journal entry
Paulraff


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Pension journal entry
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Hi 

I am currently using sage 50 essentials for accounts and sage business cloud for payroll as there is only 2 employess. My question relates to treatment of employers contribution. 

As payroll business cloud cannot link to sage essentials 50 I am creating a journal entry in sage 50. 

I am taking gross pay and Employer Ni (7000 and 7006) on Dr and all the balance sheet entries on CR (Net wages, paye, employee Ni and employee pension). I then adjust Employer ni to account for employer ni allowance. 

 

This balances when I do above. 

My question is regarding employers pension is do I need to create another p and l nominal code for employer cost of employee pension ie (3%) to include in journal. Likewise a balance sheet entry. 

This is the first month doing payroll and I would like to get it correct for going forward. I did not see a nominal code for employers cost of auto enrolment in sage?

 

Thank you in advance

Paul R biggrin



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Paul Rafferty
Bucks Bodger


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Yes, an employer pension account in the P & L (I use 7007). Your credit to pension liabilities in the balance sheet will be the total of the employees and employers pension contributions.

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Eunice Cubbage
Paulraff


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Hi 

Thank you very much. 

I was kind of thinking that but was doubting myself. 

I really appreciate your help and quick response. 

Happy fridaybiggrin



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Paul Rafferty
Casu


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(Copied)

 

Hi Paul

So hows about an intro before we start. We always ask newbies!

Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, who is your MLR with, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/who your MLR is with/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.



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Caron
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