Workers Compensation

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NancyK
3 Posts
Cover User
Australia
Solved: Go to Solution

Workers Compensation

Hi,

I would like to know to which expense account to allocate Workers Comp premium payments to?

Should this be a Liability account? And should I be creating a journal entry as you do with Superannuation?

 

 

I would greatly appreciate advice.

 

Thank you!

3 REPLIES
NancyK
3 Posts
Cover User
Australia

Workers Compensation

Hi,

I would like to know to which expense account to allocate Workers Comp premium payments to?

Should this be a Liability account? And should I be creating a journal entry as you do with Superannuation?

 

I would greatly appreciate advice.

 

Thank you!

Ultimate Partner ronatbas
3,749 Posts
Ultimate Partner
Australia
Accepted Solution Solved Solution

Re: Workers Compensation

@NancyK

 

Is you are in South Australia, where the expense is recognised through Payroll, then you probably would need to use your process. For the rest of Australia it is a normal business expense.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
NancyK
3 Posts
Cover User
Australia

Re: Workers Compensation

Thank you very much for your response Ron, much appreciated!

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