Superannuation Mapping to Expense Account

R0sie

hi there, I'm pretty new in Reckon and I am having issues with the mapping of Superannuation Fund. I have created a supplier for the Super Annuation Fund and then set up a new expense account. But when I check my Profit and Loss the superannuation payment is still going to the Payroll expense.

Thank you in advance, really appreciate your help

Acctd4

That is correct - The superannuation expense occurs at the time of the Paycheque. The “other side” posts to the liability account until you pay it. You should be able to see this liability on the Balance Sheet ☺️

R0sie

Thank you Shaz, but the Super Annuation should have a seperate line in Profit and Loss report- but why is it adding to my Payroll expenses account and not to its Superannuation Account?

Kris_Williams

As Shaz explained, when you do the payroll the superannuation is supposed to be debited to the superannuation expense account and be reflected on the Profit and Loss, and also credited to the balance sheet item Superannuation clearing account which shows on the Balance Sheet. This will be cleared when it is paid. If you can’t see these I would go into the payroll items -Superannuation and check what expense account is linked. Sometimes a different expense account might be selected e.g. Payroll expenses

R0sie

@Kris_Williams Thank you for this, I have checked it in the payroll item list and yes it was linked to Payroll expenses. I have corrected this now.