28-12-2010 09:29 AM
I am using myob accounting version 17 and we have employed someone as wages everyone else is sub contract, I was wondering if anyone can tell me how to enter the wages information manually as the boss doesn't want to upgrade to accounting plus for the payroll, can this be done through the general journal, if so how? Thank You
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28-12-2010 09:42 AM
Good morning Janelle,
Thank you for your email.
Yes you can post your wages manually through either (a) Banking/Spend Money or (b) General Journal. You will need to show Gross Wages (expense) and a negative (credit) amount through to PAYG Withholding Payable (liability account). You will also need to account for 9% Employer Superannuation through this entry as an expense and liability called Superannuation Payable. If preparing General Journal, your entry should look as follows:
Debit - Gross Wages xxxx.xx
Credit - PAYG Withholding xxxx.xx
Credit - Bank
Debit - Superannuation Expense xxxx.xx
Credit - Superannuation Payable xxxx.xx
It would be advisable that you boss upgrades to AccountRight Plus v19 for the following reasons:
1. You will have correct Tax Tables,
2. Superannuation will calculate correctly,
3. Leave Entitlements (if applicable) can be calculated rather than you having to calculate manually.
4. MYOB AccountRight Plus v19 will produce PAYG Payment Summary at end of year and will produce electronic format that you can send to ATO.
Let us know how you go.
28-12-2010 10:23 AM
THank you for your response
Does this look right?
I have done this through spend money
Wages & Salaries is the gross figure xxxxx
Payg withholding payable
Also if this is right can you also tell me how I enter my taxation payments and superannuation payments when I have paid them.
28-12-2010 10:44 AM
Good morning Janelle,
The transaction looks right with the appropraite debits and credits being in the right columns. However, there are no amounts to see to confirm that this entry is correct. You need to be mindful about the 9% Employer Superannuation (and the $450 threshhold) as to what categories of gross wages attract superannuation and which categories do not. If you are not sure, one of our Certified Consultants can assist you.
In respect to payment superannuation, these payments can be entered through Banking/Spend Money and charged to Superannuation Payable account (liability account) to offset the entries that have been credited to this account through your payroll entries. I would highly encourage you to reconcile the Superannuation Payable account either monthly or quarterly depending upon frequency of payment.
Payment of PAYG Withholding to ATO will be subject to the frequency of your Business Activity Statement. You will need to check with your Accountant as to whether you are registered for PAYG Withholding. However, when the BAS has been paid, the PAYG Withholding amount will need to be coded to PAYG Withholding Payable (liability account) to offset the the entries that have been credited to this account through your payroll entries.
07-01-2011 03:52 PM
Hi Nelzy, just in case your boss doesn't want to upgrade anytime soon, make sure you save the wages transaction as recurring, as well as saving any changes - this will ensure that the account entries are correct each time and you only need to amend the actual amounts.
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