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Post Info TOPIC: Sage 50 Accounts Level 2 Help please
thedarkrose


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Sage 50 Accounts Level 2 Help please
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Hi all

just signed up today and am hoping someone can help me. I have done Sage Accounts Level 1 (haven't got my results back yet) and started Level 2 a few weeks ago. We are now learning the journal entry part and I am having a problem!

On my sheet of paper it says

Gross Wages (Nom code 7005) - Debit

PAYE Income Tax (Nom code 2210) - Credit

Employees' National Insurance (Nom code 2211) - Credit

Net Wages (Nom code 2220) - Credit

Employers' National Insurance (Nom code 7006) - Debit

National Insurance Control Account (Nom code 2211) - Credit


Does this all seem right to you? Should Employees' NI and NI Control Account have the same Nominal code and both be Credit? What is confusing my is that when I followed the question in my assignment, the 2 sides did not equal zero? Am I missing something? no

I will be grateful for any help. Thank you!

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Denise


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Hi , the jornal should be debit gross wages and employers N.I and credit net wages, tax, and N.I control account with employers/employees N.I. Or you could seperate the employers/employees N.I in the control account, which is what looks to have been done in your journal (i.e only enter the total of both N.I in 2211)

-- Edited by Denise on Sunday 9th of May 2010 12:16:17 PM

-- Edited by Denise on Sunday 9th of May 2010 12:21:13 PM

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Denise
www.niftynumbers.co.uk
Rhianrach


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Looks good to me smile


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Steve
thedarkrose


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Ok, I have reached the actualy question in my assignment and am having problems. Hopefully you can help me make sense of it!

The details are as follows

Gross Wages - £2057.41 (Debit)

PAYE Income Tax - £208.62 (Credit)

Employees' National Insurance - 204.31 (Credit)

Net Wages - £1644.48 (Credit)

Employers' National Insurance - £226.27 (Debit)

Now once i put them on the sides they need to be on, it is out by £226.27. Am I missing something else I need to add?

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semsley


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Employers' NI needs to be on both sides.

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Advice from beyond the grave!!!

E&OE
thedarkrose


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Oh thank you, thank you for coming to my rescue :) So that it why it didn't match up. I had a feeling one of them had to be on both! So glad I found this forum. And thank you again :D

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