Retained Earnings account balance after starting new financial year
Hi, I've just "rolled over" the financial year for the first time and noticed that the "Retained Earnings" equity account (in Chart of Accounts) is now showing a balance but it's been calculated on an accrual basis. I do all of my reporting on a cash basis so this looks strange and is different to what I see on my Balance Sheet report. Is this normal and is there a way to change it? If not, does it affect anything or can I just ignore it? Thanks.
Hi LeeshO,
Apologies for the delay in response.
From what I understand, you can manage superannuation payments for a contractor by setting up an employee contact for them. Once you've created the employee contact that corresponds to the contractor, you can adjust the employment basis to labor hire.
Next, make sure all figures in the 'Standard Pay' window are set to zero. When you're processing Payroll, use the Bonus/Commission frequency to input a Void Pay cheque for the contractor. You can then manually enter the amount against the Superannuation Guarantee. If you need further information about processing superannuation, I recommend reading the article 'Superannuation'.
I hope this helps. Please reach out if you need further assistance.
If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.
Thanks,
Genreve
