Julie_A_C
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Re: Historical Balance
Hi Earl, Is that always the way to fix this? I would have thought that if you go to your opening balances and is says $0 is being allocated to Historical balancing then there has been an entry posted to the account later and you would go to find transactions and allocate it correctly. If at opening balances it says something is being allocated to historical balancing then the opening balance figures have been changed.10Views0likes0CommentsRe: Payrun vs. Bank
Were these people also being reimbursed for an expense they paid, and the person who did the payments just added the expense to their nett pay due? If so you need to enter the expense in MYOB and then marry the two items, say Jason wage $1,802.30 expense $75.38 to the $1877.68, etc. if the person making the payments has mucked up and overpaid them, then you tell them all and give them your bank details to return the money. You then do a spend money on the bank attached to the employee's card, eg Jason $75.38 and the allocation account would a new asset account you create called Overpayment to be returned. When they return the money you then allocate it the asset account you created. At the end when everything is returned you should be able to reconcile that account to a nil balance. If these people did not actually earn that money I do not see why the employer should pay for the mistake of the person making the payments. Unless of course it is themself. Has the finalisation of pays been done for 2024, as by now it should have and all these employees would have lodged their tax returns using the finalised pay that was advised to the ATO, and now they should be doing an amendment to the tax returns due to this error. You NEVER EVER EVER finalise STP until you have reconciled your bank account and reconciled wages reported and what is being finalised in STP.7Views0likes0CommentsRe: Payroll reversal pay after EOFY
hi @ accountant5, I think this has been taken so out of proportion and made complicated beyond belief. The first question should have been did they get paid the amount in June or July. If June then simple error as to the recording of period it covered and a quick email to all staff saying that the payment made xx June 2024 convered the period xx june to xx june and not may as stated on the payslip. End of story. You did not need to do a reversal and then repeat the pay run. You have just given yourself a complicated thing to fix and explain in 3 years time (if there is ever an Audit), when you will think what was I doing here.28Views0likes1CommentRe: Allocate net GST paid amount
hiZoey667 when you lodge a BAS or IAS is is always best to do an entry from a liability account called ATO Integrated Client Account (with the account type of credit card). This will become very helpful if you ever need to set up a payment plan with the ATO. When you do the BAS or IAS, you spend, or receive (if getting a refund) to that account. The total amount spent wiil be what is due. Lets say $10,000. This is made up of $20,000 GST collected, $10,000 GST paid, PAYGW of $2,000 and a fuel tax credit being claimed of $2,000. Your allocation there is GST Collected liability account $20,000 GST paid liability account -$10,000 PAYG payable liability account $2,000 Fuel Tax credit income account -$2,000 Then when the payment is made, whether two months worth or one month worth you allocate to the ATO integrated liabilty account. Like I said, very helpful if you made a plane to pay the $10,000 off at $1,000 a month. Each repayment reduces what the balance sheet says is owing to the ATO, and you reconcile that account as you do a bank amount, but manually, making sure to manually record any interest charged by the ato as an expense, and any interest mention as a remission as income.235Views0likes0CommentsRe: No tax free threshold not calculating
hiNEPTCelia_B I brought this to the attention of the ATO and the Tax board in 2020, that the formula they had put out there was now not working for software providers. In a 'nutshell', the ATO's reply was that the employee could make a payment arrangement for the tax bill! Go on to their online tax calulator and put an employee as getting $1,500 a week from one employer and see the tax. Then go and do $1,000 from employer claiming threshold and $500 from other not claiming and see what they add to. Then multiply that by 52 weeks if the year to see the shortfall an employee would have if they worked this all the time. Not good when the employee is hit with that, and they also thinks it is the employers' bad taxing. Not the ATO who is at fault.241Views0likes0CommentsRe: New credit card
hiAstrid159 Did it start at nil? You can't just enter it in opening balance on the card as that will then show in the balance sheet as historical balancing. You need to tell me how come this account started with a balance other than nil if it is a new credit card. Was it a private card one of the business owners was using for personal and has now decided to use for all business expenses? If so what is the structure of the business? Sole trader. partnership, Company or Trust?303Views0likes3Comments