Re- PAYG & Super

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HI, I have been using Reckon for many years, evidently, I haven't been entering the PAYG & Super properly, when I paid Super, I put under a Superannuation expense account and when I paid PAYG, I put it under Wage expense account. How would I rectify this now? I have a Liability - Super account that has a big $, and a Liability - PAYG that has big $

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,592 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited July 2023
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    Hi @cmgreen

    Can you clarify whether you're referring to your actual payment of these liabilities or to the allocation of the Payroll Items ?

    It's very easy to rectify the Payroll Item allocations but you'll need to manually edit/adjust your prior payment entries for the accounts & for the Payroll Items, enter via Payroll Liability Adjustments in order to correct those balances 😬

    Payments for PAYG & Super should be entered via Create Custom Liability Payments (Under Employees dropdown menu > Payroll Taxes & Liabilities) as this clears the relevant account(s) AND the applicable Payroll Item(s) at the same time & keeps your payroll liability reporting accurate.

    NOTE: PAYG & Super should both be separate liability-type accounts - It's the accrued liability that's being "paid", the expenses eg GROSS Wages (which includes PAYG) & Super - are already incurred on the Paycheque itself.

    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!)
  • cmgreen
    cmgreen Member Posts: 6
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    I think it is where I have made the payments, I haven't entered via Create Custom Liability Payments and that is I guess why Payroll taxes and Liabilities have just been increasing and never decreasing. I am really not up to date with all this. I have just been doing the basics but now need to get it up to date as much as possible before I upgrade my STP phase2

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,592 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    STP (orig & Phase 2) just updates YTD balances as per the actual Paycheques themselves each pay run, so it won't impact your STP at all 😊

    Feel free to email me direct @cmgreen if you feel you would like some one-on-one assistance.

    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!)
  • cmgreen
    cmgreen Member Posts: 6
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    Thank you, your help is appreciated and has helped.