Coin Analysis And Wages Book
Peter Marshall Bsc (Econ) BA MBIM is a Fellow of the Society of Business Teachers, and an experienced educator in business subjects. He is also a prolific author and his books have been translated and sold worldwide. He lives in London, UK.
Making up the wage packets
When all the wages have been calculated the wages clerk prepares a coin analysis, this is a list of all the coins needed to make up the wage packets (see opposite). Otherwise, how could he make them up? Let’s take a simple example. Suppose there are three employees and their wages for a week are £125.39, £73.40, £101.21, a total of £300.00. If the wages clerk merely collected £300 in, say, ten pound notes from the bank he would not be able to make up the wages; he wouldn’t have sufficient coins to pay out the amounts; £10s, £5s, 20ps, 10ps, 5ps, and 1ps are all needed in our example.
Wages book/deduction cards
The wages and salaries records of the firm are kept in a wages book and/or on deduction cards supplied by the Inland Revenue. The records show such details as gross pay to date, free pay to date, taxable pay to date, tax paid to date, and NIC contributions paid to date by employee and employer.