I could do that. From a practical stand point, if I pay a server, or Telkom or so, and I pay it from either card it doesn't matter, cause it's from the "pooled account", right?
Ok, I understand this. Does it make a difference if I do so after the money was lent to the business? We were rather ignorant when we started out, and grew / learned as we went along.
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Hi there! I figured that this would be thread for my question as it is similar.
I am working with Pastel. Unfortunately the company is too small for Pastel payroll. I am having a bit of a blonde moment (yes I am blonde, so I am entitled to these moments): I have a GL account - Asset - Staff Loan. I debit this account, and credit the bank when an employee makes a loan with the company. Now the employee has asked that we deduct R100 per month from his wages to pay the loan. In other words we pay him R100.00 less. How do I record the loan repayment? Thank you in advance for any help!
You do this when doing the journals for the wage slip, eg:
D wages, C bank account - Nett wages actually paid to employee
D wages, C UIF account - UIF deduction
D wages, C PAYE account - PAYE deduction
D wages, C staff loan account - Loan repayment amount each week.
Thats assuming you're not using any control accounts. Does that work for you?
Thanks for the quick reply. That is great!..... *blush*... it was actually as easy as that.... will try to ask more challenging questions next time
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