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RM22's avatar
RM22
User
3 years ago

Workcover Payroll Expense

I have never used the Workcover facility in MYOB.

I pay Workers' Comp yearly in advance and it is currently entered as a Prepayment - Other Asset.

I also have 4 distinct classes of employees with differing % levels.  

I also noticed that the Workcover % is based on Gross Wages.

 

Information Needed:

1.  Can I change the linked account from Liability - Payables Other to Asset - Prepayments?

2.  Can I put 4 different Workcover rate categories?

3.  Does Gross Wages in Workcover include Allowances?

4.  To include superannuation as well, do I increase the Workcover % rates by 10.5% from July '22?

5.  Overall, is this a worthwhile process?

 

I would appreciate your feedback!

Thank you

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    2 years ago

    Hi RM22 

     

    Sorry to see that no one has replied to you yet. The Help Article, Calculating Workcover on super and gross wages, has information to assist with this. If you need further assistance I would recommend speaking to your accountant to ensure this is set up and calculating correctly.

     

    Please let me know if you need further help.

     

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