Hi, I would like to know what journal entries are required to manually file for payroll for the 2 months below:
April 18 PAYE: Gross Salary: £702 Employee NI: £84.24 Employer NI: - Income Tax: £140.40 Net Salary: £477.36 | May 18: Gross Salary: £702 Employee NI: -- Employer NI: £96.88 Income Tax: £140.40 Net Salary: £561.6 |
Below is the Quickbooks Payroll Template I want to use:
# | Account | Debits | Credits | Description |
1 | Bank Account | | | Net Pay |
2 | Payroll Expenses:Wages | | | Gross Pay |
3 | Payroll Expenses:Taxes | | | National Insurance Employer |
4 | Payroll Liabilities:HMRC | | | PAYE |
5 | Payroll Liabilities:HMRC | | | National Insurance Employee |
6 | Payroll Liabilities:HMRC | | | National Insurance Employer |
Can I know the Payroll Journal Entries when issued to the employee? and also the Journal Entry when the expense is paid to HMRC?
I would really appreciate any help you would be able to provide.
I am now using the QB Payroll module, but this is regarding a period when I was doing it manually.
Kind regards,
David