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One Auto
Level 2

Record Personal Pension

Hi, 

 

I'm wondering the best way to record  Personal Pension contributions, the contributions have come out of my personal account.

 

I understand that if i record this in QB it will make my balance out as its my personal account, is there a way to record it ready for when i fill out Self Assessment but not affect my Balance/Accounts?

 

I'm self employed but i use QBO Simple. 

 

Cheers

 

Chris 

Solved
Best answer June 04, 2020

Accepted Solutions
Ashleigh1
QuickBooks Team

Record Personal Pension

Hello One Auto, 

 

Yes, you create a separate expense account and then create the expense like you would any other expense. Then you will need to go onto the pension provider to fund this separately as it will not be included on pension reports. 

 

View solution in original post

3 REPLIES 3
sonenshinem
Level 3

Record Personal Pension

Setup an account - Personal Pension Contributions, and setup two subaccounts underneath it.  One will be for the personal pension contribution that came out of your personal account and the other will be just a balancing account.

 

Create a journal entry DEBIT Pension Contributions, Credit Balancing account.

 

Your business overall balance sheet will not be impacted.  When you create a balance sheet report you'll see the entries in your bank accounts.

 

If you need help, [email address removed]

One Auto
Level 2

Record Personal Pension

Sorry only just noticed message!

I'm guessing i create  the account under Expense?

 

Thanks

Ashleigh1
QuickBooks Team

Record Personal Pension

Hello One Auto, 

 

Yes, you create a separate expense account and then create the expense like you would any other expense. Then you will need to go onto the pension provider to fund this separately as it will not be included on pension reports. 

 

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