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Post Info TOPIC: Recording SMP recovered and 3% compensation on sage Payroll
Lilac Bookkeeping


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Recording SMP recovered and 3% compensation on sage Payroll
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Hi All

 

Could someone advise me what entries need to go through Sage for recording payment os SMp and recovering 100% SMp and 3% compensation (Client qualifies for Small Employers Relief)

 

Thanks



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Stardoe


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Hi Joanne,

The SMP will be posted as part of your wages journal as follows:-

DR 7000 Gross wages
DR 7006 Employer's NI
CR 2210 PAYE & NI control (unless these are separated out)
CR 2200 Net wages
CR 7011 SMP recovered
CR 7013 NIC Compensation
DR 2210 PAYE & NI control

(Your codes may vary slightly.  If you haven't got the SMP recovered or NIC compensation codes you will have to create them).

Hopefully this will all balance

Pauline



-- Edited by Stardoe on Wednesday 29th of February 2012 06:13:08 PM

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Pauline
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