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AwG1's avatar
AwG1
Contributing User
6 months ago

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 ...
AwG1's avatar
AwG1
Contributing User

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

Earl_HD's avatar
Earl_HD
MYOB Moderator
5 months ago

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

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