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Cycle to Work Scheme

melmoghra · 2020-08-06 20:04:46

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…

06-08-2020 8:04pm

#1

melmoghra

Registered Users, Registered Users 2 Posts: 16 ✭

Join Date: August 2010

Posts: 11

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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