Superstream Beam - Debit from bank account and clearing chart of accounts

Question

I am new to Reckon One and struggling to figure out how to clear my "Super Payable" liability account.

I am using Reckons superstream, and Beam is automatically debiting the amount from my bank. So it is one total debit coming out for 6 employees and sent between 3 different superannuation funds.

This creates single lines in my "super payable" liability account for each super fund.

I cannot match this via the bank transactions page, because when i select 'allocate detailed payment' and select 'super payable' it asks me to select a contact and shows the 3 different super funds, but i can only select one at a time - which then doesnt match the bulk amount. It does not seem possible to split between them.

I thought maybe a transfer from my bank account to the liability account would then do it, but for whatever reason it does not allow me to select that particular 'super payable' account that Reckon has used and that i can see the current transactions in from superstream.

So how do i get that liability account back to zero in the easiest (less steps) way possible? With my previous accounting software this was done automatically and it was one click to match the payment from my account. I kinda thought it would be much easier than this considering the payment and everything is all being processed through Reckon Payroll/Beam - have i set something up wrong?

mjohnson_fr · Answer

Thanks John, this works for me! I appreciate the detailed reply and insights.

John G · Answer

With regards to using Beam, payments are not linked to the Date Paid of the payrun - if you submit the Super Contributions today, your bank account is debited today regardless that the Payrun Date Paid is in the future.

If you want to pay the super contribution on the Date Paid you will need to delay your Beam submission to that day.

Alternatively you can opt out for the BPay or EFT option where Beam gives you 7 days to make the payment  -  process today and pay on the day of your choosing up to 7 days.

kind regards,

John

John G · Answer

The balance sheet account Payroll Liabilities:Super Payable can only be cleared by a Make Payment transaction with the Account Payable field changed to Super Payable.  The Contact field will then show the Super Funds:

You can only process one super fund at a time.   That means if your employees subscribe to more than one superfund, you will need to process more than one Make Payment transaction.  However, you are making one payment to a Clearing House and not the Super Funds. That means you cannot directly compare your bank ledger account with your bank statement.

You can get around this issue by using a Bank Clearing Account and processing these Super Payable transactions through it.  After you have selected the Super Fund, click on the Allocate tab on the table below to see the outstanding transactions for this Super fund.  For each super contribution entry that is to be included in this payment, click in the cell for the How much to Allocate column to include the amount.

The total amount of your selection will equal the total amount of super contributions being paid to this super fund for your employees.

You can view the necessary amount to pay each super fund in the Super Transactions Report:

Repeat this process for each Super Fund involved in this submission.

The balance of the bank clearing account will be equal to the total of your super contributions for this submission.  Then, transfer the money from your paying bank account to this clearing account to bring its balance to 0.00.

You now have one transaction in the actual paying bank ledger account that will match your bank statement.

Regards,

John