Superannuation Opening Balance

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Jonathan Lucas
Jonathan Lucas Member Posts: 9 ✭
in Reckon Accounts (Desktop)

I am setting up a new Reckon Accounts Premier 2020.

I need to add an opening balance for the Superannuation payable amount from the previous software package. If I enter an amount into the opening balance of the account the transaction is:

DR Superannuation Payable & CR Opening Balance Equity

I am assuming that once all opening balances are entered that the Opening Balance equity should equal the old files equity amount?

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,426 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited February 2021
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    Hi Jonathan

    If you are using Payroll, you need to enter all Payroll opening balances via the "Setup YTD Amounts" feature (under the Employee dropdown menu)  This will ensure the amounts post to the correct liability/expense accounts accordingly (assuming your Payroll Items & accounts are setup correctly!)

    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

    shaz@accounted4.com.au

    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!)

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