7001
Directors' Salaries
Overheads
Normal balance
Debit
This Overheads code records the cost of directors' salaries incurred in running the business. As an expense account, it normally carries a debit balance: debit entries increase the balance (recording new costs) and credit entries decrease it (for example, correcting an error or a refund received).
Other codes in Overheads
| 7000 | Gross Wages |
| 7002 | Directors' Remuneration |
| 7003 | Staff Salaries |
| 7004 | Wages — Regular |
| 7005 | Wages — Casual |