2a. SuperStream - Set up an Account in Chart for Super Payments (Default).
2a. SuperStream - Set up an Account in Chart for Super Payments (Default)
Setting up an account in Chart for Super payments (Default)
- Click on the Chart toolbar icon
- Click on the Liabilities tab
See if there is already a Superannuation Liability account listed. (It may already exist from original Chart template selected when you created your initial company file.)
- If not, click on the Add button
- Account Code - if using numbered accounts, select a number within the same range as other liabilities
- Description - e.g. Superannuation Owing, Superannuation Clearing Acc or Superannuation Liability
- Account Type - Liability
- GST Category - 11. Non-reportable Receipts
- Reporting Group - Current Liability
- Click on the OK button to save
- Click on the Expense tab
- Click on the Add button
- Account Code - e.g. SUPR
- Description - e.g. Superannuation Withheld
- Account Type - Other Expense
- GST Category - 10. Non-reportable Payments
- Balance Sheet Link - 703 Superannuation Owing
- The Balance Sheet Link allows non-operating income and expense accounts to be linked to a corresponding Asset, Liability or Equity account. (i.e. Superannuation Withheld Account (Other Expense) links to the Superannuation Owing Account (Liability). Entries to these accounts will show on Cashflow reports and Balance Sheet reports but not the Profit and Loss reports
- Click on the OK button to save
- Click on the Payroll toolbar icon
- Click on the SuperStream tab
- In the Default Super payment account box, select the SUPW Superannuation Withholding account from the drop-down account list
Article ID 1843