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Post Info TOPIC: How to record HMRC payments for previous Financial year
anutushka


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How to record HMRC payments for previous Financial year
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Hi all

Either heat or me being plain dumb here. I started Sage from the beginning of our company's Financial year- 1May. The PAYE and NI payments for April were made in May. How do I link April's liability to HMRC to May's payments please.

Many thanks

 

Anna



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GJRobbins


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It would be from your Brought forward balances.

Have you entered the closing TB for the previous year? If not, then you will need to do so with all the assets, liabilities, capital & reserves.

The bank payment then for the PAYE in May will clear the April closing balance of PAYE.

HTH

Thanks

Jeremy



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anutushka


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Hi Jeremy

I am still waiting for the TB from accountant. I guess it wont do any harm if i entered May payments on respective liability accounts. They wil be sitting in a a debit side till I have TB with closing balance. This way I can complete bank reconciliation.

Thank you

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GJRobbins


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Yep, that will work - Make sure when you post the TB you date it 30th April....

Cheers

Jeremy

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