Adding a new SMSF

KimBoTCC
KimBoTCC Member Posts: 15
This discussion was created from comments split from: "Error when trying to update employee details".

Comments

  • KimBoTCC
    KimBoTCC Member Posts: 15

    Hi all

    I am having a problem when adding in a new SMSF for an employee. It is listed in the Super Payables accounts, but then when I try to select it in the Employees File, it is showing under PAYG???? Rather strange....

    Any help would be appreciated !

    Thanks

    Kim

  • Alexander McKeown
    Alexander McKeown Reckon Staff Posts: 155 Reckon Staff

    Hello @KimBoTCC ,

    It is possible you have marked their super item to be taxed via PAYG.

    You will need to untick both Taxes options in the settings:

    Let me know how you go with this.

    Kind regards,

    Alexander McKeown

  • KimBoTCC
    KimBoTCC Member Posts: 15

    Hey @Alexander McKeown

    Thought I might have ticked that by mistake - but no, they are both unticked...

    Anything else we can try?

    Thanks

    Kim

  • Alexander McKeown
    Alexander McKeown Reckon Staff Posts: 155 Reckon Staff

    Hello @KimBoTCC ,

    Could you provide screenshots of all the screens in the SMSF Pay Item setup?

    It could be that your Expense Account associated could be causing this matter, but I think I need a bigger picture look at this record.

    Kind regards,

    Alexander McKeown

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,325 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Hi Kim

    It looks like an account has also been set up for it under PAYG but you can merge the 2 so it's just under the Super header.

    On another note, your financials must be ridiculously long! Best practice is to create ONE Super Payroll Item per Fund, per Super type eg

    • AMP
    • AMP (SS)
    • AustSuper
    • AustSuper (SS)
    • CBUS
    • REST
    • XYZ SMSF

    ... then have them all linked to a SINGLE main liability ACCOUNT type (usually ONE for standard SG Super & ONE for SS):


    It's not necessary to set up a separate Payroll Item - or separate Account - for every person as both Payroll Items & Accounts should be generic. (Obviously SMSF's are specific but not any of the other Super (APRA) public funds 😬)

    Feel free to shoot me an email direct if you need further assistance with any of the above 😊

    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!)
  • KimBoTCC
    KimBoTCC Member Posts: 15

    Thanks @Acctd4 - shall have a look at that!

  • KimBoTCC
    KimBoTCC Member Posts: 15

    hi again @Alexander McKeown

    Sorry for the delay, it has been a busy week or two!

    I will add in the screen shots now - you can see on number 3 that I just have payroll liabilities listed, as I cannot select the super liability account that is showing on the Chart of accounts - when in this field, it only shows up under the PAYG account as you can see by number 3.

    So, @Acctd4 - I cannot merge them, as on my chart of accounts there is only 1. I have never had this issue before, and have been using Reckon for over 15 years!

    Thanks

    Kim


  • Acctd4
    Acctd4 Accredited Partner Posts: 3,325 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Hi Kim

    Aha .. ! From your screenshots, it looks like the account has just been (inadvertently ?) moved.

    In your Chart of Accounts, click on the little diamond - to the left of the account name - & drag it back under the relevant Superannuation Payable heading, then it should be back in the right section when linking the Payroll Item to it 😊

    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!)
  • KimBoTCC
    KimBoTCC Member Posts: 15

    @Acctd4 - that's what I thought I could do - but in the Chart of Accounts it is correctly showing under Superannuation Payables :(. It's only when I try and select it from the Payroll item, that it shows under the PAYG heading...

    It's indeed a mystery!

    Thanks

    Kim


  • Acctd4
    Acctd4 Accredited Partner Posts: 3,325 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited December 2023

    Hmm .... Check it's not a duplicate one under PAYG that's been made inactive (either intentionally or by mistake) by clicking on the Include Inactive checkbox at the bottom of your Chart of Accounts list.

    Failing that, do you verify your file regularly ?

    Run the Verify Data option, then - regardless of the outcome - run the Rebuild Data THREE times (for some reason 3 Rebuilds can fix many issues!)

    The Verify ... & Rebuild ... options are under the File dropdown menu > Utilities

    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!)
  • KimBoTCC
    KimBoTCC Member Posts: 15
    edited December 2023

    Thanks @Acctd4 - there wasn't an inactive account, but the re-build has worked!! The account went under PAYG in the Chart of Accounts, and I was able to move it to Super Payables after that!!

    So appreciate your help. 😀

    Regards

    Kim

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,325 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Great to hear Kim! 👏🏻👏🏻👏🏻

    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!)