Salary Sacrifice
Hi, I have set up salary sacrifice for an employee. He is contributing a weekly amount of $150.
Do I need to record this at all in e.g. Expense?
TIA for any assitance.
Answers
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Dear @Marina Di Rosso ,
Salary Sacrifice is handled in Reckon Accounts as such:
- Go to Lists.
- Go to Payroll Item List.
- Right-Click → New.
- Create a Super Contribution type item.
- Name this item Salary Sacrifice, or SalSac.
- In the Super Contribution section, change it from Super Guarantee Act (SA) to Salary Sacrifice (SS).
- In the Tax Tracking type section, change this to Salary Sacrifice Super (S).
- Mark it for PAYG Tax.
- From here, the item is completed.
Next, you will want to add this to your Employee's record:
- Go to the Employee Centre.
- Right-Click → Edit employee.
- Change Tabs to Payroll and Compensation Info.
- Go to Super Details.
- Add the Salary Sacrifice item to their Super Details, along with any other relevant Super details.
- Set the rate to 150.
- Ensure that the two checkboxes at the bottom are left UNTICKED. Ticking either will prevent Salary Sacrifice from working.
- Press OK.
From here, whenever you pay your employee, they will have $150 deducted from their Gross, and put into Super.
Kind regards,
Alexander McKeown
Reckon Senior Technical Support
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Hi Alexander, Many thanks for your reply.
I have done all that and it is working.
I just need to know if I need to record it in Reckon as I do for our quarterly super as an expense?
Best regards Marina
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depending on the setup of the payroll item it should go to the super liabilities account. You can enter a bill and post to the liability account or you can just enter the payment to this account. It’s not an expense at all
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Thanks for your help Kris, that's great.
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