Forum Message

Medical insurance payments

We are just migrating from Quicken on to Solar and must congratulate you on an excellent product. I am company Director and my partner is Company Secretary, we have a Direct Debit from the Business Account every month for medical insurance. How is it best to deal with this payment and how should we enter it on Solar please? Please note that our accountant is aware of this payment in kind and it goes down on our P11D's. Many thanks.


Posted by Andrew Leaver on Aug 7, 2011 4:28 PM BST

Hi Andrew,

Glad to hear you like Solar Accounts!

I think you can record the medical insurance payment as a Money Paid Out transaction from the 'Cheque Account' to the 'Directors Loan' account. (If your business is registered for VAT then set the VAT Treatment for this transaction to 'Out of Scope'). Note that I am not an expert on this - I recommend you check this approach with your accountant.

To set up a recurring schedule for this payment click the 'Repeat' button in the bottom-left corner of the Money Paid Out window.

Regards,


Posted by Mark McLaren (Solar Accounts) on Aug 8, 2011 8:55 AM BST