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I'm currently putting last years bank transactions into SAGE to computerise the accounts for my boss. I've got very little SAGE experience and am very new to accountancy.
The figures I've used are examples as opposed to the actual ones I have.
The accountant has provided the following summary of accruals, and I've been told to use a journal to 'reverse' them at the start of the period, could any one please explain in a very simple/broken down way? I know how to get to a journal and do one.. and what they are, I just need to know what nominals to post to so I don't get it wrong, the fact that (Wages & NI Month 3) were missed and then paid on the shown date has confused me... also the fact that the exact wage & NI figures shown on accruals... are not apparent on the wages 'Payment Summary History' for the year that was also provided by the accountant (below figures are exemplar not actual).
I'm currently putting last years bank transactions into SAGE to computerise the accounts for my boss. I've got very little SAGE experience and am very new to accountancy.
The figures I've used are examples as opposed to the actual ones I have.
The accountant has provided the following summary of accruals, and I've been told to use a journal to 'reverse' them at the start of the period, could any one please explain in a very simple/broken down way? I know how to get to a journal and do one.. and what they are, I just need to know what nominals to post to so I don't get it wrong, the fact that (Wages & NI Month 3) were missed and then paid on the shown date has confused me... also the fact that the exact wage & NI figures shown on accruals... are not apparent on the wages 'Payment Summary History' for the year that was also provided by the accountant (below figures are exemplar not actual).
Summary of Accruals: y/e 31 March 12
Deferred Income
Client's Deposit Held
A: £1,000.00
B: £2,000.00
Total: £3,000.00
Wages & NI
Months 3 Missed: £500.00 - Paid May 2012
Months 10-12: £5,000.00
Total: £5,500.00
Accountancy: £4,000.00
Grand Total: £12,500.00
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