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    monkeypuzzle's Avatar
    monkeypuzzle Posts: 1, Reputation: 1
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    #1

    Sep 16, 2010, 02:40 AM
    Smp refund journal
    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's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    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.
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