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mail23
April 28, 2020
Question

recording Monthly Pension payment due to the pension company paid from the bank account

  • April 28, 2020
  • 1 reply
  • 0 views

I have Advanced payroll which transfers over all NI and Tax and pension figures to Quickbook accounts.

I am doing a bank reconciliation and need to input the payment we make monthly to the pension company.

How do I record this ?

Go to expenses, Payee, Nest Pension,

Category ? what do i put ?

 

If anyone can help, im worried I will mess up the figures that Quickbooks have put across

1 reply

katherinejoyceO
katherinejoyceO
April 28, 2020

Hi there, @mail23.

 

Thanks for visiting the Community. You're already in the right direction in recording the monthly payment of your pension.  

 

For the category, select the ones you used to track your pension loan. I'd recommend you check the pension liability account to determine the account used.

 

You can also consult an accountant if you're unsure about what category you'll have to choose to make sure your books are accurate. 

 

Here's an additional insight into bank reconciliation: Reconcile an account in QuickBooks Online.

 

For future reference, check out this article: Workplace Pension reports. This report will show you all your employees' pension plans and contributions. 

 

Let me know if you additional questions. I'll be around to help. Stay safe.

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