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SMP Journal 92% Reclaimed

SMP Journal 92% Reclaimed Journal on SAGE

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I need to put a jounral thorugh to relclaim the 92% of SMP & SPP

So far I have Debited 6000 (Net Wages) with £1969.13 (Full SMP/SPP Amount) and Credited 2210 (PAYE)

How do i put the journal through for the 92% - £1811.66?

Any help would be great

Thanks

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By Anita14
29th May 2019 15:18

I would create a new nominal code for SMP/SPP Recovered, near to the Wages accounts in the P&L, credit that and debit PAYE.

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29th May 2019 18:19

Personally, I see SMP as employee wages that the Government are paying.

I'd just knock it off wages.

It depends what you want to achieve.

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By Matrix
29th May 2019 20:43

I am glad it is not just me. I just had to book a £3k SMP reclaim.

I couldn’t work out where the other side of the receivable went since the previous accountant never booked it, the Director said she had been paid it, it agreed to the RTI submissions from a few years ago so I did Dr PAYE debtor Cr Director salary.

Does anyone think it should go as Director salary in the accounts or a separate line as SMP funding? Thanks

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By Anita14
to Matrix
30th May 2019 07:38

It doesn’t matter. I only separate it to make it easier to reconcile the payroll for audit, but if you haven’t many staff just reduce Salaries.

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04th Jun 2019 14:24

Brilliant Thanks for the help, I think after talking to our auditor he thinks its best to knock it off

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