Salary sacrifice into super - GL treatment

Michael_H

Hello everyone,

 

I have a few employees using salary sacrifice into super in a few of my MYOB entities. I appears that salary sacrifice into super, when setup in MYOB recommended way, treats salary sacrifice as a payment deduction rather than an expense under a different GL account, so when, for example, all $X of salary is sacriced into super MYOB sets up the following entries in the GL: 

 

1-1220 Electronic Clearing Account  0 (CR)

6-1400 Wages Expenses                    $X (DR)

2-1420 Superannuation payable       $X (CR)

 

What I would like to see is -

 

6-1500 Superannuation Expenses    $X (DR)

2-1420 Superannuation payable       $X (CR)

 

This would make it easier to reconcile payroll/TB/ATO reported numbers, in particular because salary sacrificed amounts are not a part of the gross wages.

 

I wonder how I could setup salary sacrifice to achieve that. There is no option to select an expense account under Salary sacrifice payroll category.

 

Any advice is appreciated.

Mike

 

 

 

Super.JPG

CloudMindAcc

Hi @Michael_H 

 

ATO+reporting+categories+for+Single+Touch+Payroll+reporting#expand-Superannuation

Reference in support note states:

Did you previously report salary sacrifice amounts on payment summaries? You don't need to assign the Gross wages category to salary sacrifice amounts. When reporting payroll amounts using Single Touch Payroll, gross wage amounts are reduced automatically by deduction amounts that are marked as a before-tax deductions. This includes salary sacrifice superannuation deductions.

Note that you assign the Reportable Employer Super Contributions (RESC) category to superannuation categories which handle 'reportable' superannuation payments (as classified by the ATO guidelines).

 

Below is a report that will help you review the  Salary Sacrifice Transactions.   You could save as a customised report so you can just run each month/quarter (changing the dates)