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sophies's avatar
sophies
3 years ago

Superannuation Entered in the wrong category

I have just walked into a new position. The previous bookkeeper just up and left and the owners are clueless. Looking around their software, I can see that they set up their supperanuation category as an employer expense (instead of super). The super gets posted to the correct accounts, however, I can't remeber what category they listed it under STP. I guess my question is, why would anyone do that, and when is the best time to rectify it? EOM? EOFY?

 

Cheers,

Sophie

1 Reply

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi sophies 

     

    Thanks for your post. Employer expenses aren't reported to the ATO in STP so it's not possible to select an ATO reporting category for these payroll categories. So you'd need to check if SGC was reported to the ATO. 

     

    To fix the issue you can record pay adjustments to move the accrued amount from the expense payroll category to the SGC category. Zero out all amounts/hours, enter the super amount as negative against the wrong payroll category expense account and a positive against the correct payroll category expense account.

     

    To ensure STP is correct I'd recommend fixing this as soon as possible.

     

    Please let me know if you need further help and good luck.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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