Paying Salary Sacrifice: Spend Money vs Pay Liabilities

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DominiqueK
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Paying Salary Sacrifice: Spend Money vs Pay Liabilities

Hello,

 

We have only one staff member who does salary sacrifice.

 

Currently we record the payment by doing a Spend Money transaction and then an Electronic Payment transaction.

 

Would it be better to be using the Pay Liabilities function instead of spend money?

 

Dominique

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CloverQ
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Re: Paying Salary Sacrifice: Spend Money vs Pay Liabilities

Hi @DominiqueK 

 

Pay Liabilities is typically used to make payroll liability payments, such as deductions, expenses, superannuation and taxes.

 

Salary Sacrifice recorded in pay runs will appear automatically within Pay Liabilities, provide a clear view of which have been paid and which ones haven't. You can easily tick the amounts involved then record the pay. Electronic payment option is also available for Pay Liabilities transactions. Additionally you'll be able to use the Payroll Liabilities reports to view past payments. 

 

All in all, personally I don't see any reason to use Spend Money transactions instead of Pay Liabilities to record salary sacrifice super payments. I hope this helps.

Kind regards,
Clover

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