Allocation of Receipt from DWP

Allocation of Receipt from DWP

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Okay so this might by a really stupid question and I apologise if it is :/

I have just purchased VT Transaction+ and am entering our accounts for our current year to date (Oct 14 - Today). No issues so far, however I am about to enter a receipt from Department of Work & Pensions but am unsure what account I allocate it to. I'm guessing it goes to the Income Ledger, but what account?

The payment was received under the Youth Incentive Scheme (Basically employ a qualifying job seeker & they pay out).

This is my first year doing the accounts myself after finishing AAT, s again I apologise for the silly question.

Thanks in advance for your help :D

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By johngroganjga
18th Dec 2014 12:06

It's up to you.

One way would be to credit it to the account the related wage expense is being posted to.  But that would hide some detail you might want to be more visible.  If you want the subsidy to be more visible you would post it to a separate account all of its own.

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By Paige
21st Dec 2014 18:25

Great Thanks, I have allocated it to it's own account. That way I still have the actual Wage Bill Value. :D

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