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3rd Party Payments - Pension

edited May 29, 2014 12:00PM in Payroll and OTL - EBS (MOSC) 2 commentsAnswered


Hi,

We are in R12.1.3.

At present, pension payments are credited through payables. We want to do it through payroll using 3rd party payments. Can someone advise on the accounting part,

Currently,

Employee Contribution -

     Credits - Employee Pension Provision

      Debits - Salary Payable

Employer Contribution -

     Credits - Pension Authority

     Debits - Employer Pension Contribution

We have a 3rd party element which sums employee and employer contribution which is used by 3rd party payment method. When we run the costing of payment, what must be credit and debit codes for 3rd party payment.

Appreciate your help.

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