Record Personal Pension

One Auto · ‎April 25, 2020

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

sonenshinem · ‎May 08, 2020

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 · ‎June 04, 2020

Sorry only just noticed message!

I'm guessing i create the account under Expense?

Thanks

Ashleigh1 · ‎June 04, 2020

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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Record Personal Pension

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