Hi, I am new to accounting and Sage, however i thought i was getting to grips with it until i came across Journals. I found some extremely helpful advice on this forum in regards to posting Wages journal, and i have managed to follow the steps and complete the journals.
I am now unsure how to input petrol expenses and sales bonuses onto Sage. Do I also use the journals? I have tried this and really only get as far as to debit the sales commission or motor expenses NC and then i am unsure of what to input next.
I hope this makes sense and any advice would be gratefully received!!!
1. Have the petrol expenses and bonuses been paid or are they outstanding?
2. If they've already been paid was it by cash or cheque?
If the answer is 1. then you need to post a journal, if it's 2. then you could post it through the bank account ( I doubt the bonus was paid cash though)
-- Edited by ADAS on Wednesday 8th of September 2010 10:13:44 PM
__________________
Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Hi, thanks for your help. The bonuses and petrol expenses have already been paid by BACs. So then would i be right in thinking that I do not need to create a journal and can put the payments straight through the bank under the relevant NC. In addition in regards of VAT would I post it under tax code T0?
You're right with the bacs payment. I think the commission should be posted as T9.
The mileage/ fuel could be a little more complicated. If it's a reimbursement for business miles, then you're allowed to claim vat on a portion of the payment (there's a thread here somewhere).
If you're effectively "charging" someone back because e.g they bought private fuel on a company card I'd also use t9.
-- Edited by ADAS on Thursday 9th of September 2010 08:28:42 AM
__________________
Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
the posting of bonuses should be part of the wages journal, as they should be included in the PAYE calculations and included in the journals at that time. from what you say, it sounds like a seperate payment?
Petrol expenses - I take these to be mileage claims, which I would put under T0 as they are an expense to the company.
