Creating an employee super fund in Reckon Payroll Web
Creating a super fund and assigning it to an employee
An important part of the payroll process is the ability to assign your employee's choice of superannuation fund.
You can now set up Australian Prudential Regulation Authority (APRA) and self-managed type super funds in the Reckon Payroll App (Web Access).
We have broken down this down into 2 really easy steps:
- Set up the Superannuation fund
- Assign the super fund to the employee
Setup superannuation funds
This is the superannuation fund (i.e. CARE, REST, Australian Super) which you pay the employee's super into.
To setup a superannuation fund go to Settings ➡ Superannuation Funds.
- Click on the 'Create Superannuation Fund' button and select whether the super fund is an APRA regulated fund or an Self Managed Super Fund (SMSF)
- Display Name - Enter a display name for the super fund
- Fund Name - As you type in the fund name you'll be presented with a list of options to select from for the super fund and its respective fund products. Select the most appropriate option for your fund.
You can request adding your super fund if its not present in the search list.
Check out the short video example below on how to setup a super fund and also how to submit a request for a missing super fund -
Assign the superfund to your employee
After you have set up the superfund, you will then need to assign it to the employee. This is where you select the superfund product and super items for the employee to be used in pay runs.
To assign a super fund edit the Employee ➡ Other Details. Select the superannuation fund from the list then select the associated fund product. Enter the member number (mandatory) and a date when the employee joined the super fund.
The default 'system' superfund is automatically assigned to all employees created in Reckon Payroll which can be removed after you've assigned a specific superfund to the employee.
Check out the demo video below to learn how to assign a superfund to an employee -
Congratulations! You've successfully created a super fund and have assigned to your employee.
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