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Post Info TOPIC: repayment of an expense
Palawan


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repayment of an expense
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An employee was paid too much last month in error and has now handed in a cheque for the amount to the company.

Is posting this as a negative amount to the wages expense account the correct way to handle this income?

 

Thanks



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Rhianrach


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Was it just too much net or too much gross? ie have they paid tax on too much as well? If it was net the the net wages account should have a debit balance in which case the cheque should balance it out. If it was gross then personally I would be tempted to leave the cheque and under-pay next time around to try and balance the tax and NI out.

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