Social security account

1

I have to make a new account -Social security_ which is the same amount for 12 months every year.
Can you help me how to do it?

Thank you.

2

you can spend money towards Social Security as usual.
you may also create a separate account for it under chart of accounts under a suitable heading.
then you can simply use the Clone button every month to record new entries.

3

@AthKyro, your request is not clear. Do you want a single account that will be used for 12 months and then be replaced the following year? Or do you want an account for each month of the year that will be used for the same month the following year? And what type of account is this: balance sheet or profit and loss statement? In other words, what is being posted to the account?

In general, it is poor practice to create accounts only for specific time periods, because they will remain in the program appear on your balance sheet or profit and loss statement long after you are finished with them. I suspect there is a better way to do whatever you want than creating accounts for specific time periods. Please tell us more.

4

This Social account is not for a year it is for a lifetime. this is an expense for me.
When I buy something from a supplier I use purchase invoice tab. Shall I use the same tab or the special accounts?

5

I know nothing about Social Security in your country or about how your business is legally organized. But there could be several options:

  • If you are treated as an employee of the company, Social Security could be a deduction from wages or a contribution of the company (or both). Read about these here: Issue payslips | Manager and Set up payslip items | Manager.

  • If you are the sole owner, Social Security contributions/deductions might be considered personal expenses entered on personal tax filings, and not expenses of the business at all. In some jurisdictions, a sole proprietor figures net income of the business and then pays such taxes to substitute for what an employer would have deducted or contributed if the person was an employee.

  • If you are a partner, both options above might be feasible. Again, this depends on local rules.

Regardless of how you are doing this, an expense account for Social Security can be set up just like any other account under Chart of Accounts.

6

Thank you.
It helped me