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Contributing User
nelzy78
Posts: 5
Registered: ‎28-12-2010
Australia
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Can I manually enter wages through the general journal?

Hi Everyone

 

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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Trusted Partner
Peter_Adams
Posts: 117
Registered: ‎07-07-2007
Australia

Re: Can I manually enter wages through the general journal?

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                                                         xxxx.xx

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.

 

Best regards,

Peter Adams
Swell Accounting Services
PO Box 4184,
Elanora, Qld 4221
Mobile - 0452 395 519
Email - SwellAccounting@aapt.net.au
MYOB Certified Consultant
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Contributing User
nelzy78
Posts: 5
Registered: ‎28-12-2010
Australia
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Re: Can I manually enter wages through the general journal?

Hi

THank you for your response

 

Does this look right?

 

I have done this through spend money

 

                                                                                       Debit                                    Credit

 

Bank Acct                                                                                                                    xxxxx

Wages & Salaries is the gross figure                   xxxxx

Payg withholding payable                                                                                      xxxxx

Superannuation                                                        xxxx

Superannuation Payable                                                                                       xxxxxx

 

Also if this is right can you also tell me how I enter my taxation payments and superannuation payments when I have paid them.

 

Thank you

 

Janelle

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Trusted Partner
Peter_Adams
Posts: 117
Registered: ‎07-07-2007
Australia

Re: Can I manually enter wages through the general journal?

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.

 

Best regards,

Peter Adams
Swell Accounting Services
PO Box 4184,
Elanora, Qld 4221
Mobile - 0452 395 519
Email - SwellAccounting@aapt.net.au
MYOB Certified Consultant
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Contributing User
nelzy78
Posts: 5
Registered: ‎28-12-2010
Australia
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Re: Can I manually enter wages through the general journal?

Thank You Peter

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Experienced User
DebBIS
Posts: 20
Registered: ‎16-07-2010
Australia
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Re: Can I manually enter wages through the general journal?

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.

 

Regards

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