Unpaid Liabilities showing in Profit and Loss under Expenses
Hi is there a way for the profit and loss report to not reflect unpaid liabilites (i.e. payg and super)
Answers
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Unpaid liabilities are reflected on the Balance Sheet. PAYG should not be an expense account but Superannuation is
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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 βΊοΈ
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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Thanks for your help, we need to run a report that excludes any unpaid liabilities.
Any ideas how to do this?
Thanks!
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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 π
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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