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NERA cheque

josvill2010 · 2011-10-07 07:49:28

HI, Lets say your company pays a redundancy to an employee and claims 60% rebate from NERA. When you get the cheque (eg €5k) from NERA. How do you account for that? Dr Bank Cr Salaries Regards, j

07-10-2011 7:49am

#1

josvill2010

Registered Users, Registered Users 2 Posts: 157 ✭✭

Join Date: February 2010

Posts: 105

HI,

Lets say your company pays a redundancy to an employee and claims 60% rebate from NERA. When you get the cheque (eg €5k) from NERA. How do you account for that?

Dr Bank
Cr Salaries
Regards,
j

0

Comments

#2 07-10-2011 8:47am

kennyb3

Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭

Join Date: January 2009

Posts: 6465

DR Bank
CR compensation/termination payment for loss of office

Really you shouldnt be accounting for it when you get it, but accruing it when you make the termination payment. Its should reduce the cost of the compensation/termination - rather than having a larger debit one year then a credit the next.

0
#3 07-10-2011 10:26am

josvill2010

Registered Users, Registered Users 2 Posts: 157 ✭✭

Join Date: February 2010

Posts: 105

Absolutely right. I didnt know at the time if we were going to get the rebate so we took the hit in Dec 2010 when we booked all to Salaries
Dr Salaries
Cr Bank

0