Quarterly payroll liabilities & super doesn't show on P & L

RachelRachel Member Posts: 14

Hi RAH community,

Apologies if this question have already been asked before but I couldn't find it. The quarterly liability cheques does not show on P & L, what setting do I need to change to reflect this please? It could be a simple solution but I don't know how to. Any help will be appreciated. We are a NFP organisation - if this helps.

Cheers,

Rachel

Comments

  • ZappyZappy Accredited Partner Posts: 4,603 ✭✭✭

    The liabilities are reflected on the balance sheet. The expense is on the profit and loss. Sounds like you need a bookkeeper. Feel free to call me any time. 0407744914

  • RachelRachel Member Posts: 14

    Thanks so much Zappy, I am their volunteer bookkeeper :) I was just wondering why it doesn't reflect on the P & L Details in the month when I paid these liabilities.

  • ZappyZappy Accredited Partner Posts: 4,603 ✭✭✭

    Rachel Hi. Its because when you process wages it records the expense it also creates the liability. Dr Expense Cr Liability. When you pay the super you Dr the liability to clear it and Cr Cash at bank. As a bookkeeper, volunteer or paid, you need to understand this. Its part of the job description. Let me know if I can help.

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