On Jan 12, 2008 9:57 AM, <[EMAIL PROTECTED]> wrote:
> Hi List,
>
> Been meaning to query this for a while, but I keep forgetting.
>
> The PAYE and National Insurance account (2210) is set up as an asset.
> Since the money that goes into this account is not actually owned by
> the business, but is held in trust for Her Majesty's Revenue and
> Customs, should it be a liability instead?
I would need more information in how the transactions hit these accounts to
make an opinion.
In general, if you look at VAT, the way it generally works is:
Money gets stored in appropriate cash accounts (assets)
The portion held in trust gets tracked in the appropriate VAT liability
account.
When you pay the taxes, you issue a GL transaction which cancells out the
VAT debt and pays it with the cash account.
I don't know if the same framework works here, but if money is stored in say
a bank account, but some of it is held in trust, that would be the model I
would suggest.
IANACPA, etc....
Best Wishes,
Chris Travers
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