I have just started using QuickBooks Online to try and comply with the upcoming MTD requirements, having used an old copy of Sage Instant for the past 19 years! I am struggling quite a bit with the QuickBooks as it is completely different. I don't want to link our bank with it, but can't see anyway of really setting up a bank account other than in the nominal. I don't want to use the optional payroll either, there are only 3 employees plus 1 pensioner, so the HMRC software is more than enough for what we need.
Whilst I am still trying to work out how to manually enter the wages details, again being used to Sage and doing it through a nominal journal:
1) Journal Debit Gross Wages
2) Journal Debit Employers NI
3) Journal Credit Net Wages
4) Journal Credit PAYE
5) Journal Credit Total NI
Firstly, where would I find these nominal accounts? Are they already setup as was Sage or do I need to set them up myself?
Secondly, as a very small family business we have a private pension that we run. Currently there is one retired member of staff and we have been paying his pension through the company bank account. By this I mean that his monthly pension sum is transferred to the company account from the pension fund, we then workout the tax using the HMRC software, the tax is then paid with our PAYE and NI contributions to the tax office. The net pension is paid to the retiree and at the end of the tax year we issue him with a P60 for his records. How should I enter the payment into our bank without it becoming a company income? It just passes through our account and is distributed to the HMRC and the pensioner.
Any help would be very much appreciated!
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Thanks for the reply.
I think that I have managed to sort everything now by creating a number of nominal accounts for wages, tax and bank in the chart of accounts. This is to replicate the system that I have used on Sage, it is just a matter of getting them in the correct area of the chart, which I think I have done. Not really going to be able to know until our financial year end, see if it clears the expenses and keeps the assets.
It seems to me that Quickbooks is not an easy program to use manually, it is setup more for someone who is happy to allow a third party access to their bank, something that I am not comfortable with. It also seems that when it comes to wages there is no help other than to subscribe to the payroll package. I have looked for a user manual, but the only thing I can find is Quickbooks Online for Dummies! Might get it and give it a try, it can't be any worse than the intuit tutorials.
Just looking at your previous posts we do have phone support and we can certainly look at the chart of accounts and journals you have created via a screen share to check that everything is posting where you need to. You do not have to have the payroll package to contact our support. The number is 08082345337(the is no charge for the support)