Forum Discussion

brooke05's avatar
brooke05
Contributing User
5 months ago

Early Childhood Retention Grant

In the childcare industry, centers have been allowed to apply for a government grant to increase their educators wages. The centre I work for was successful in winning this grant so they have receive...
Earl_HD's avatar
Earl_HD
MYOB Moderator
5 months ago

Hi brooke05,

That’s a tricky one. In this situation, we recommend consulting an accountant for an accurate answer.


Regards,
Earl

Astrid44's avatar
Astrid44
Member
5 months ago

Hi Earl,

I'm also in the process in setting up MYOB with this Work Retention Grant info with the help of my accountant... my question to you is can I set up a separate Superannuation Guarantee that can be linked to the Work Retention account?

 

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    5 months ago

    Hey Astrid44,

     

    Yes, you can setup a separate Superannuation Guarantee category and map its expense/liability accounts to the specific Work Retention account you’re using, so SG for those payments is tracked separately. The exact setup should follow your accountant’s guidance to keep it compliant and reported the way they want.

     

    Cheers,

    Doreen

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