I read Amanda's question differently and assumed it to relate to PAYE in which instance directors personal tax payments related to salary should be recorded as an expense of the business the same as any of the other employee of the business.... Well, almost as they are recorded a directors payments rather than other employee's so as to seperate them out in the notes to the accounts (#1). But the general principle is the same
To post to the DLA surely assumes that the directors salary without deduction was paid into the DLA rather than paid to the director as salary.
kind regards,
Shaun.
#1 I wrote that in for other readers of the thread, not yourself. I know that you know these things.
Hi Amanda,
I would say that you should be looking to put remuneration to
7001, 7002 and 7006
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I could not find where else to post my question in the forum. Anyway I have a QUESTION. I am using quickbooks online and all my banks,credit card, paypal are all connected to the software. now, I noticed that I ended up with double expenses because I used my credit card to pay paypal to pay for my expense (does that make sense?) how do I correct this? PLS HELP
Hello Brenda
I can see that you are based remotely from us - you appear to have wandered into a UK based forum.
Best suggestion I can make, given its the online version, is for you to go direct to Quickbooks - as its online you will have paid for their assistance in your monthly fee anyway, already.
Failing that - my suggestion - remove the auto Bank feed on the credit card and key whatever goes through this account manually in future. For the existing duplications you will have to do reverse entries between the cards/paypal accounts and whatever income/expense/balance sheet nominals they have already been posted to via the journal process (but first check that Quickbooks online allows a Bank reconciliation which includes journal entries!). Take great care if there is any of your countries tax to adjust for any of those individual entires at the same time. Probably worth setting up a spreadsheet so you can follow it in a logical manner and you can make sure you agree everything once its keyed and also then do the Bank reconciliations at the end of the process. If you are unsure of the correct double entries - suggest you get your Accountant to go onto your online software asap and sort if for you.
Hope that helps
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
One other suggestion - if you have any more queries - its easier if you create a new post rather than attach a different question to a very old post. Plus as you have clearly read some of the forum posts you may have seen us ask for an intro - so that would be useful too.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
. Can you clarify for me/ us, Amanda?
