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K
Kirstyc
June 27, 2024
Question

HMRC paid after

  • June 27, 2024
  • 1 reply
  • 0 views

I have payroll & accounting- we pay HMRC / pensions on the 5th of the following month so for example for June I have all payroll costs in and the amounts for pension and HMRC on the bank transactions won’t match because they are for last months payroll. I was going to do a reversing accrual for the variance but I was told if I reverse it next month it will then change the PNL. Please help 

1 reply

Bryan_M
Bryan_M
June 27, 2024

Thank you for posting in the Community space, @Kirstyc.

 

Let me guide you on how to handle your HMRC/Pension transactions on your bank feeds that don't match.

 

Since you're unable to match the transactions, yet it shows in your bank feeds, let's mark them as cleared in your Chart of Account. Then, exclude the transactions so they won't affect your financial reports.

 

Here's how:

 

  1. Select Bank transactions from the Transactions tab.
  2. Pick For Review tab.
  3. Choose the checkbox of the transactions to exclude.
  4. Click Exclude.

 

Check out this article for more info: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Additionally, if you want to categorise your bank transactions, you can read this article: Set up bank rules to categorise online banking transactions in QuickBooks Online.

 

For additional questions about matching your bank transactions in QBO, click the Reply button below. We'll be willing to help. Keep safe, and have a good one.

 

K
KirstycAuthor
June 27, 2024

If i exclude it then surely I would need to add the nest payment manually as we would still  need to show how much pension costs in the month. Secondly if i exclude these wont my reconciliation be out?

G
GeorgiaC
June 27, 2024

Hi Kirstyc, thanks for getting back in touch 

 

Excluding the transaction won't impact your reconciliation if the transaction has already been recorded elsewhere in QuickBooks. 

 

When recording payments to HMRC or your pension provider, it is recommended to enter these as an Expense in QuickBooks. The date entered on the expense should be the date that the payment was made, allowing you to match to the downloaded bank transaction.

 

For example, in QuickBooks Online Core Payroll, payroll liabilities are posted under several sub-accounts. The relevant sub-account would be entered in the Category field of the Expense. Once saved, this will reduce the liability amount owing in that account. 

 

We hope this helps to clarify your query. If you do need any additional assistance, please don't hesitate to get back in touch.

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