Salary Sacrifice Conributions

Question

Hi, just need some screenshots on how to set up Salary Sacrifice in Reckon Premier as I'm not too familiar with this (easy instructions please).  I have tried to set up myself and it asks for "agency to which liability is paid".  Do you have to type this in if every employee has a different Super Fund?  NOTE:  I know the screenshot is for co-cont. but just using as an example.

Acctd4 · Answer

Hi @Burnbaby

The reason for the Liability Agency is for the system to autofill the payment payee.  Back before SuperStream, you would enter each fund here accordingly (eg AustSuper, REST, AMP etc) however now that we use Clearing Houses, enter your Clearing House here for each Super (SGC/SS/EA) Payroll Item.  This way, it will create a SINGLE Liability Chq payment as per your actual lump sum payment to the Clearing House 😊

If you're still unsure regarding the SS setup, I have a guide I've written up on this.  Happy to send it through to you if you'd like it, just shoot me an email 😊

Burnbaby · Answer

Also, just say I have 5 employees and they all have different Superannuation funds.  I set up their Salary Sacrifice without putting in the Liability Agency.  When it comes time to create custom Liability payments, all of the salary sacrifice amounts will be combined and listed under Salary Sacrifice is that correct.  The "Payable To" column will have no agency listed.  So the only way I will know how to allocate the correct salary sacrifice amount when I pay the super is by preparing a Super Report by Employee?  Is that correct?

Sorry for all the questions but need to know I'm doing it correctly.

Burnbaby · Answer

Hi Tanvi,

This sort of helped although there were 3 examples of how to set up the employee record - in Employee Settings  do I tick the box or not where it reads "salary sacrifice items:  Reduce Employer Contributions"