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Cycle to Work Scheme

  • 06-08-2020 08:04PM
    #1
    melmoghra
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi, I do the books for a small limited company. An employee has availed of the bike to work scheme. Bike cost €1,000.00 paid for by the company. I can manage the wages deduction side but the chart of accounts is confusing me!

    In Quickbooks I created "Other Current Liability" called Bike to Work and purchased the bike against this account...I have -€1,000.00 there now

    The deductions are made monthly, so, do I create a journal entry as follows:

    Debit Wages €83.34 and credit Bike to Work €83.34 thus reducing the balance in Bike to Work to -€ 916.66

    Is this the correct procedure please?

    I did not claim any vat on the bike..

    Thank you in advance


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