PAYG liability on balance sheet error
What am I doing incorrectly? I have a PAYG liability on the balance sheet and I shouldn't have a liability at all. Clearly I'm posting to the wrong cost code. Can someone help please? It is costed ...
Forum Discussion
Hi AwG1,
Thank you for your post. I understand that occurred a PAYG liability in the balance sheet report. May I ask if you have set up the PAYG same as the steps in this link and kindly check this as well with your accounting advisor with the account or cost code that you may use.
Feel free to write a post if you need further assistance.
Cheers,
Jem
Hi Jem
Thanks so much for getting back to me. Yes, I do have the linked payables account set up correctly. Not sure what I have done and it has really thrown it all out. Any other advice?
thanks
ET
Hi AwG1 ,
In this type of scenario, it’s advisable to consult with an accountant or financial advisor for an accurate solution. However, to give you an idea, if your PAYG liability is being incorrectly allocated, ensure that the payroll categories for PAYG withholding are linked to the appropriate liability account (2-1180 PAYG Withholding Payable). Additionally, review the transaction journal for payroll entries to confirm correct posting and verify that PAYG liability payments to the ATO are recorded against the correct account.
Regards,
Earl
