SusieExpTech
3 years agoExperienced Cover User
Change in Superannuation fund
Hi guys,
I have had to update an employees superfund. That account has been closed out with the old fund.
I have accrued super in MYOB to pay that employee. As this fund no longer exists I will need to put it into the new super fund on next super payment.
Our accounts are set up with individual "Linked expense accounts" and also idividual "Linked Payable Accounts" for each employees superfund. It was just set up that when I started working here.
Will I need to create a journal entry to transfer that accrued amount from the "old" super fund Liability account into the "new" super fund Liability for payment? So that when we make the next super payment, it will be paid into the current super fund?