Salary Sacrifice Expense Account?

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  • Problem
  • Updated 5 years ago
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Hi guys,

One of my employees has asked to have the majority of their monthly wage paid into their super rather than taking the payment as wages. This is my first time setting up a Salary Sacrifice in Reckon Accounts. I assume that the 'Salary Sacrifice' super type is the most relevant type to choose when setting up the new payroll item. However our business has strict reporting requirements for our size, and i notice that there's not an option to select which expense account this super payment should be assigned to.

E.g. currently there are three wages expense accounts that show up on our Profit and Loss, one for COGS staff, one for admin and one for Business Development.

I have two thoughts for getting around this, 1 - is to figure out which ledger account this super payroll item is mapped to by default and setup a memorized journal entry to rectify it each month, or whether I can choose an expense account instead of a liability account when setting up the payroll item. I'm not sure if that would cause undesirable consequences though.

Thanks in advance,

Dan.
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Daniel

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Posted 5 years ago

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Mirko, Alum

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Hey Daniel,

Welcome to the Reckon Community. As I'm not a bookkeeper by trade I'm not sure on the implications of the set up you have suggested, but you may wish to have read of this: https://community.reckon.com.au/reckon/topics/resc_amounts_to_be_reported_should_be_what_was_actuall... and it could help you potentially.
If anyone else can assist with this matter, I'm sure they would be happy to help.

Cheers,
Mirko

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Daniel

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Thanks Mirko. Unfortunately I wasn't able to find anything related in the links you provided.