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
It is highly likely that you have your super (& others) categories liability account set to the PAYGW liability account.
(You are not alone with this error just about every data file that I seen that was setup by the end user makes the same mistake - its caused by the fact that MYOB has a single global 'default wages liability account')
You should have a look at your Super payable liability account, if you have actually been paying super to a clearing house (ATO or other) you'll probably notice that that account does not reconcile either (probably showing up in the liabilities as a Debit).
I noticed that you mentioned that you are 'posting' to the wrong account --- If you are talking about the actual payment of the liability to the ATO I'd suggest investigating the Pay Liabilities button on the Payroll Command Centre. Once you have all your liability accounts in wages categories fixed this button will help you keep on the straight and narrow.
(Technically speaking all payroll liabilities can be dumped into a single liability account and while Pay Liabilities helps A LOT to accomplish this feat, I'd highly discourage anyone from doing so)
