Accruals
Should I include child support payments in my monthly accruals? My predecessor did not include, and curious if there is a reason why you shouldn't. Thank you.
Comments
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The Gross Wages (incl PAYG) is what the employer has paid & is included in the financials (Profit & Loss). Child Support - whilst usually calculated on gross - is a net deduction (after tax) so is not an additional “expense” to the employer.
HOWEVER, it is still a liability - that the employer owes (for on-payment to Services Australia) - so yes, it should be shown in the financials (on the Balance Sheet) ☺️
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
(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!)
2 -
@shaz thank you for your reply, much appreciated.
1 -
You’re very welcome Amber ☺️
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
(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!)
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