Allocating Super and Work Cover expenses to a job
How do I allocate these expenses to specific job numbers? We have employees who may work on different jobs during a pay period. Many thanks
Forum Discussion
Hello, Louysedollar tree compass
To allocate Superannuation and Work Cover expenses to specific job numbers when employees work on multiple jobs during a pay period, follow these steps:
Track Hours: Ensure employees log hours worked on each job accurately.
Determine Proportions: Calculate the percentage of time spent on each job based on total hours worked.
Calculate Expenses: Compute total Super and Work Cover for each employee for the pay period.
Allocate Proportionally: Multiply the total Super and Work Cover by the percentage of time allocated to each job to determine the expense for each job number.
Example:
Employee works 40 hours: 20 on Job 101, 15 on Job 102, 5 on Job 103.
Proportions: Job 101 (50%), Job 102 (37.5%), Job 103 (12.5%).
Super ($200) and Work Cover ($40) allocated: Job 101 ($100, $20), Job 102 ($75, $15), Job 103 ($25, $5).
Utilize accounting software or spreadsheets to record and verify allocations. This ensures precise expense allocation based on job-specific work hours.
I hope my suggestion is helpful to you.
Best Regard,
