wages entry in P+L account

fisher8181

When entering wages in a profit and loss does it generally include employers PRSI or is that generally a separate entry?

lclohessy

fisher8181 wrote: »

When entering wages in a profit and loss does it generally include employers PRSI or is that generally a separate entry?

The employers prsi should be kept separate in the financial statements. The reason for this is it is a requirement to state the employers prsi separate in the wages note in the full set of accounts.

I am aware of some practices who journal the employers prsi together and than input the figure in the wages note manually however for convenience purposes it is perferrable to keep separate.

Alan Shore

At the risk of being told that a sole trader and company are the same, it should be seperared in a company set of accounts but there is no requirement to seperate it in a sole trader set.

lclohessy

Alan Shore wrote: »

At the risk of being told that a sole trader and company are the same, it should be seperared in a company set of accounts but there is no requirement to seperate it in a sole trader set.

Correct within a sole trader structure there is no requirement to disclose separate.