Unpaid Liabilities showing in Profit and Loss under Expenses

Cobey
Cobey Member Posts: 13

Hi is there a way for the profit and loss report to not reflect unpaid liabilites (i.e. payg and super)

Answers

  • Kris_Williams
    Kris_Williams Member Posts: 3,207 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Unpaid liabilities are reflected on the Balance Sheet. PAYG should not be an expense account but Superannuation is

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,191 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Gross wages include the PAYG component & this full amount - along with the Superannuation - is an expense to the employer. These show on the Profit & Loss.

    In addition, PAYG & Super are also liabilities (because they need to be on-paid) & so these components will also show 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

    [email protected]

    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!)
  • Cobey
    Cobey Member Posts: 13

    Thanks for your help, we need to run a report that excludes any unpaid liabilities.

    Any ideas how to do this?

    Thanks!

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,191 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 9

    The Gross Wages & Super are still expenses (incurred at the time payroll is processed, regardless of whether the liabilities have been paid or not)

    The Profit & Loss is the correct report that you want 😁

    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

    [email protected]

    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!)