Cash Wages

M

mgc

Registered User
Messages
19
I have just started a small retail business.
I take cash out of my till to pay a staff member his wage.when I do up my Purchase Day book do I include that cash wage figure (€375.00) as an a non-resale expense.If not what do I do with it.Thank you.
 
you should set up a direct debit to the emplotees a/c for the amount less deductions if applicable ,taxex,prsi ,pension etc. or pay by business check or you can pay by cash, but i would get the employee sign for their wages to cover yourself in case of dispute . keep a separate book for wage payments so at your year end its a quick calulation. I always use the revenues tax cards as there a simple record and user friendly .you should have recieved one of these when you registered the person as an employee.
 
I have a payroll package that I use, its just that I take the amount of the net wage from the till.I have a cash sales book that I use to ascertain my actual cash sales for VAT.I have this notion that I should account for the net wage figure in my Purchase Day Book as an o% non-resale expense.So when I do a P&L I know my wages figure.I will have my PAYE & PRSI figures from my cheque payments to revenue.I hope I am making myself clear.Thanks.
 
No its not a purchase its a separete business expence such as light & heat ,rates,wages,insurance etc so just record it under its own heading not in purchases book.purchases for non resale are things like cleaning products,floor mats,till rolls stationery,etc etc for use in the running of the business but not to affect your stocks .
 
You must log in or register to reply here.
Back
Top