Education
Staff Pension / Retirement Contribution
Recording the institution's contribution to a defined contribution pension scheme.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Pension & Retirement Expense | Expense (+) | 6,000.00 | - |
| Pension Fund Payable / Cash | Liability/Asset (-) | - | 6,000.00 |
💡 Accountant's Note
Defined contribution plans require the employer to make periodic contributions. The expense is recognized when the contribution is due, not when the employee retires.
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