Payroll Premier - Accrual basis versus cash basis
Options
Kyne Larkin_7676900
Member Posts: 1 ✭
Hi all,
We're in Australia, using the 2015/16 Payroll Premier software for, um, payroll.
We pay our staff fortnightly, but I keep having the same argument with my Admin staff regarding the accrual / attribution period of this. For example, our pay run on August 3rd was for hours worked wholly in July, so I obviously want to incur that expense in July.
However, my Admin tells me that Payroll Premier only works on a Cash Basis, not an Accrual basis. Any ideas on how I can sort this once and for all please?
Many thanks in advance
We're in Australia, using the 2015/16 Payroll Premier software for, um, payroll.
We pay our staff fortnightly, but I keep having the same argument with my Admin staff regarding the accrual / attribution period of this. For example, our pay run on August 3rd was for hours worked wholly in July, so I obviously want to incur that expense in July.
However, my Admin tells me that Payroll Premier only works on a Cash Basis, not an Accrual basis. Any ideas on how I can sort this once and for all please?
Many thanks in advance
0
Comments
-
Hi Kyne, welcome to the Community. The ATO deem pay to be earned on date it was paid, regardless for what period it covers.
On the question of Accrual or Cash Basis Accounting, this is considered in your Accounting Package, not payroll. Also this impacts Invoices & Bills you have sent and received, not necessarily expenses. For further clarification please reach out to your Accountant.
1
Categories
- All Categories
- 6.9K Accounts Hosted
- 11 📢 Reckon Accounts Hosted - Announcements
- 6K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.2K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 3.1K Reckon One
- 7 📢 Reckon One - Announcements
- 11 Reckon Invoices App
- 14 Reckon Insights
- 114 Reckon API
- 830 Payroll Premier
- 326 Point of Sale
- 2K Personal Plus and Home & Business
- 74 About Reckon Community