LSL Lump Sum Payment on Termination

GRENEWS
GRENEWS Member Posts: 8 Novice Member Novice Member
in Accounts Hosted

Have reported a Long Service Leave Lump Sum under "Allowances" and Tax Withheld under "Deductions" but neither are accounted for in "End of Financial Year' summary for the terminated employee. What am I doing wrong?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,754 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited July 2022

    Hi GRENEWS

    Unused LSL paid out isn’t an Allowance & should be mapped to Lump Sum A (if the LSL was accrued since Aug 1978) or Lump Sum B (if accrued prior to Aug 1978)

    PAYG should be linked to PAYG Tax Withheld, not Deductions 😬

    Amend your Payroll Items accordingly & the Paycheque should then flow through correctly in STP 😁

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • GRENEWS
    GRENEWS Member Posts: 8 Novice Member Novice Member

    Thank you Shaz. Will do as you suggest. Can't thank you enough

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