ETP Set Up

Hi- How do I set up & process ETP's in Reckon Accounts Enterprise:2023 - many thanks

Answers

  • Alexander McKeown
    Alexander McKeown Reckon Staff Posts: 147 Reckon Staff

    Hello @MSCnici ,

    We have a guide on setting up ETP and Lump Sum items, and processing termination payruns.

    You can find it here: https://www.reckonlimited.com.au/dataservices/KB/5025/TerminateinRAB.pdf

    Kind regards,

    Alexander McKeown

    Reckon Senior Technical Support

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,314 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited February 7

    @MSCnici Unfortunately, the Reckon guide above is quite old & doesn't reflect the current STP2 configurations 😬

    Termination payments can be quite complex & the specifics are determined by various scenarios including how old the employee is, how long they have worked for you & whether their role has been made redundant or not.

    NOTE: Unused Annual or Long Service Leave payouts & tax-free components of genuine redundancies are never ETPs but are shown at Lump Sum labels instead.

    You can find ETP info on the ATO website here: https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/engaging-a-worker/in-detail/taxation-of-termination-payments

    Feel free to reach out to me direct if you feel you need specific 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

    [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!)