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Thread: Accounting for personal insurance paid by the company

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    Cool Accounting for personal insurance paid by the company

    We have an employee who got an interest free loan from the company to purchase a car and the car's insurance is paid together with the insurance of the companies other assets, but it's deducted from the employees salary together with the installment every month.

    I am not sure how to process the insurance part, because it is paid as a global amount.

    Please help with the installment also. I know I'm supposed to credit the the staff loans account, but I'm not sure which account to debit. Is it the salary account maybe, because had he not had a loan, the installment would have been part of his net salary.

    I'm looking forward to your prompt response. oh, and complements of the new year.

    regards,
    Tuna
    Last edited by Dave A; 26-Jan-17 at 12:22 PM. Reason: moved from unrelated discussion

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