How do I deal with dividends in Platinum Payroll?

Summary

This article will explain how to deal with dividends in Payroll.

More Information

In order to deal with dividends in Payroll, you will need to either, create a new Payroll Adjustment for dividends, (details can be found here) or you can use a post tax adjustment.

If you decided to create a new payroll adjustment for dividends you will need to follow the instructions on the link above and set the adjustment to be a 'Positive Adjustment', will not effect 'tax' and will not affect 'N.I.'.

Set Dividends Amount

If the amount of dividends being paid each period is the same amount you will need to go to: " Payroll Payroll Parameters/Maintenance Employee Amendments"

• On "Employee :" enter the employee 'number/code' and press <Enter>.
• Press <Page-Down> until you get to "Adjustments"' page which should be page '6'.
• Against the "Dividends" Adjustment created previously enter the 'Nett amount' under the "Adjustment" column.
• Press <Esc> and click [Accept] to save the changes. Now each time you Run a Payroll Period that this employee is in the amount will be automatically entered under "Dividends".

Varied Dividends Amount

If the amount of dividends being paid each period varies you will need to go to: " Payroll Run Payroll Period".

• Select the "Pay Periods" and click [OK].
• For the employee, against the "Dividends" column enter the amount being paid as a Nett amount.

In both instances you will then need to close the period as normal.

Important:  The payments of dividends should not be included in the wages journal and if it has previously been entered to the wages control account it should be journaled out and into the dividends centre.

See Also

• Getting Started - Payroll
• How do I Post the Wages Journal?
• How do I Deal with Dividends in Accounts?
• How do I Set Up Payroll Adjustments?
• How do I Run a Payroll Period?
• How do I Close a Payroll Period?
• How do I Set up Payroll Attachments?

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Keywords AND Misspellings

Deal, Dividend, Dividends, Payroll, Adjustment, Adjustments, Parameters