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Superannuation liabilities not recorded correctly. Is it me?

KateSmith

I have recently taken over the bookkeeping function of a small business when their last person left in a hurry and under a cloud... so no handover... I am mostly across everything I need to do but I found an issue in the recent superannuation Q3 payment. I used the Custom Liabilities function (the same as I did for Q2 successfully). The liability amount for each institution came up on the CHQ register, and the balance of liabilities owing shows as zero. However, each individual entry in the employees' records shows there has been no payment recorded for all weeks in the quarter - therefore there is still a liability amount for each employee. Have I missed a step, and can I fix it? Please help!

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KateSmith

So can I undo it? Or change it somehow so it records it correctly?

Kris_Williams

Look in your superannuation liability account and see what the balance was at the end of the period. A super report should give you the breakdown by employee and total should equal the balance. Enter a bill for that amount at the end of the said period - this account should now be zero and pay the bill in ordinary bill window

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Kris_Williams

In this instance until the file is correct this would suffice. I was an accredited trainer for many years

KateSmith

So Zappy, how do I record against each employee it has actually been paid? Right now it shows zero payment in each employee record.

KateSmith

(And yes, we are discovering a few things that have not been set up correctly!) Unfortunately I’m not an expert and can’t just fix things. Can you recommend a good intro class on Reckon Hosted that I might be able to get some accurate information going forward?

Kris_Williams

Best to find an accredited trainer in your area

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Acctd4

@KateSmith Unfortunately, this does still happen sometimes even when the Super payment is recorded correctly (eg via Pay Liabilities)

The payments are lump sum totals that have accumulated from paycheques which the system tracks as owing to each fund. The payment is not reflected under the employee's record itself. Instead, the Payroll Liabilities report is generated from that "Pay Liabilities" screen so as long as you can see there that it's not outstanding, the ultimate proof of payment is in the Clearing House as per Zappy's advice.

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KateSmith

I am completely happy that it’s done and recognised where it needs to be ie SBSCH and ultimately the employees’ funds. My problem is the books look messy and incomplete.

Given there seems to be no one who can explain how to fix it, is there somewhere I can “note” it’s been paid,

Kris_Williams

If your superannuation clearing account is zero and the total super paid in the expense account agrees with the total super from the payroll report I would be confident all is correct. That’s my checkpoint that I have used since super guarantee first started

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