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Pension Expense

nominal account in which the pension Expense is provided against the pension payment

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One profit and loss nominal code has been used to post the Dr expense pensions

Against the cr pensions payment bypassing the balance sheet pension control. 

I have never used this posting and just want reassurance that it is not correct. 

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Scalloway Castle
By scalloway
19th Sep 2019 20:57

Is this deductions the business is making for employee pensions?

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By Bob_L
19th Sep 2019 21:02

Ee & er expense and payment yes.

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Scalloway Castle
By scalloway
19th Sep 2019 21:14

The employer pension contribution is an expense for the P & L Account. The other side is a liability on the Balance Sheet until it is paid over.
Deductions from employees are a liability on the Balance Sheet until paid over.

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