Advances & Pensions
Question asked by Beth Stephenson 7 years ago
Just wondering what would be the best way to show advances and pension deductions????
Thanks, Beth.
Create the advance bill as you would you would any other payroll bill insuring to make all the necessary deductions that would be made when running payroll i.e. pensions, insurance etc.
Dependant on the terms of repayment this will then determine how this is then recognised on the future payroll. Generally, this will be recognised in equally spread deductions from pay over the remainder of the tax year repaying the advance.
Best answerHi Beth,
Are you using Clear Books Payroll?
Hello,
No, I am using Clear Books Accounting.
Thanks, Beth.
Create the advance bill as you would you would any other payroll bill insuring to make all the necessary deductions that would be made when running payroll i.e. pensions, insurance etc.
Dependant on the terms of repayment this will then determine how this is then recognised on the future payroll. Generally, this will be recognised in equally spread deductions from pay over the remainder of the tax year repaying the advance.
Best answer
You must 