monkeypuzzle
Sep 16, 2010, 02:40 AM
Hello can you help me I know how to record wages in the account using a journal. However one of my employees has been on maternity therefore I am receiving smp funding plus 4.5% compensation from hmrc. How is this recorded in the accounts.
Thank you.
ROLCAM
Sep 16, 2010, 03:00 AM
DEBIT Bank Account xxxx
CREDIT Sundry Income - benefits received xxxx
Being smp funding plus 4.5% compensation from hmrc.
Note: At the end of the year
This sundry income account can be transferred to the wages account.
Reconcile all the wages account first with the statutory requirements.