superannuation
Is there anyway in the MYOB Essential that tells including or excluding Superannuation. One of our staff has annual salary which is include superannuation. How to enter those data in MYOB Essentials
Thanks
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Hi
Super needs to be calculated and reported seperately so my suggestion for salary packages that include superannuation would be :
Divide by 11 - as super is 10% the total salary package is 110% ( 1 /11 =super 10/11 = salary)
for example salary is $55,000 ( includes super) therefore super is $5K and salary $50K
Set up the employee as salary with the $50k
It will all need to be recalculated when there are changes in either salary or super percentage.
Just remember that salary including super should be divided by 100% +super percentage where super = xx.xx
salary including super / 1xx.xx =
Eg super is 10.25% Salary is $60000 divide by 110.25 = 544.217687
multipy by 100 to find salary = $54421.77 ( rounding up)
Super at 10.25% = $5578.23
Total = $60000
Hope that helps
Lisa
