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VT Transaction+

Navigation: Entering transactions (including opening balances)

Wages and salaries

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VT Transaction+ does not contain a payroll module. However, there are several inexpensive third party products available. At VT Software we use Moneysoft (www.moneysoft.co.uk) and we are very happy with it.

When you have run your payroll, you will need to record it in VT Transaction+. You should enter a journal (JRN button on the main toolbar) with the following entries based on the data from your payroll package:

Debit amount

Credit amount

Account

Gross pay


Expenses: Wages and salaries

Employer’s NI


Expenses: Employers NI

Employer's Pension


Expenses: Pensions


Employees' income tax

Creditors: PAYE and NI


Employer’s and employees’ national insurance (NI)

Creditors: PAYE and NI


Employer’s and employees’ Pension

Creditors: Pensions


Net pay – employee A

Bank: Current account


Net pay – employee B

Bank: Current account


Net pay – employee C, and so on

Bank: Current account

If your payroll package can export data, it may be possible to automatically import the above journal by choosing the Transaction > Journal > Import command (or by clicking on the down arrow just to the right of the JRN button on the main toolbar). Payroll packages often do not export data in an entirely suitable format. In this case you could set up a spreadsheet to reformat the data, and then import the spreadsheet. This may be time consuming to set up, but can save time in subsequent months.

The journal above creates liabilities in the PAYE and NI account, and the Pensions account. These liabilities are settled when you pay HMRC and your pension provider, respectively:

The payment to HMRC of income tax and national insurance (NI) contributions through PAYE (Pay As You Earn), should be analysed to Creditors: PAYE and NI.

The payment to your pension provider of pension contributions should be analysed to Creditors: Pensions.