PAYROLL ADJUSTMENT

Penny_10069933
Penny_10069933 Member Posts: 13 Reckoner Reckoner

One of our directors is wanting to do a one off large sum pay increase to themselves in this financial year to bring their salary to an amount advised by their accountant. Can someone please advise the best way to do this.

I was going to use the Payroll Item - Other 1 Salary to enter the lump sum amount.

Thank you in advance

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 4,216 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2023

    Hi Penny

    I would create a specific “Bonus” Payroll Item for it.

    (Don’t forget to make sure it calculates PAYG, Super & is included for Payroll Tax if applicable 😬)

    Also, make sure it goes through for STP (You don’t necessarily need to do a special submission for it - although you can - as it should get picked up in the Finalise Year process)