Pay Liabilities: Accounting for cents/changing the amount

I like the idea of entering your PAYG tax payment through the Pay Liabilities window, however it does not let you allocate the left over cents to the expense account I have set up for that. As the Tax Office won't accept cents it would be a really great feature to allow us to enter this extra line in this transaction window instead of doing another journal entry. At the moment I use Spend Money and that suits fine, but I like that if you use Pay Liabilites it serves as a double check that the amount balances to your physical books.

This has been a real bug bear for me for many years as I controlled a payroll company with over 300 employees and which generated a lot of employee liabilities to acquit.

One of the first methods I adopted was to :

1. Set a shorter date period - e.g. 1st to 7th Oct 2012 = $5,456.00

rather than opting for the full month e.g. 1st to 31st Oct = $21,369.00

I still ensure that all the appropriate memos are included including the dates and don't forget to insert the ATO as the "supplier"

The other method I have had to adopt was caused when other users simply made a bulk payment without even checking with me as to the amount of the month's liability (the boss). In these cases, I made the "bogus" payment from a newly created bank clearing account and when making the various installments to make up the total, these were coded back to the same clearing account. Over time, the amount/s paid should equal the amount of the month's liability.

I hope this helps

Greg

Pay Liability calculation for ATO payments should be rounded automatically as ATO does not accept cents

We cannot use pay liabilities for child support because of this reason. We pay our child support payments by staff member but MYOB doesn't allow for this to be matched in the bank if we use the pay liabilities function.