Thank you. Finally I can understand payroll transaction. This explanation was better than my teacher's

Checking it by putting everything into the Wages Control account really helps, thanks. I've got my exam on Wednesday so need every bit of help possible

This is so helpful. Thanks very much. The visual has really helped it all make sense to me.

@MichaelNortonFCA

Жыл бұрын

Glad it helped

Thank you very much this video was a life saver! I was so confused before this

Hey, maybe a silly question but how come on the Bookkeeping Controls AAT Practice Paper 1, in regards to the second payroll question, why is the employer's NIC included in the deduction to come to the figure that is to be paid to the employee?

@MichaelNortonFCA

3 жыл бұрын

It is so long since I did this but I would guess that it is because the question started at total cost to the employer. They will start there or gross pay or net pay and expect you to work in the correct direction. That is why I suggest just putting it in a table and then reading the answer because you don't have to remember equations.

is there a way to help me prevent becoming confused between wages control and wages expense?

@MichaelNortonFCA

3 жыл бұрын

Imagine a control account as a pot you are just holding things in to move somewhere else later. It is going to be zero in the end. An expense is a “real” account which will have.a balance in. That or just practice a lot