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August 2020
August 2020
Why is the ETP Tax Withheld category created for Monies paid in lieu as an ETP, as described in the MYOB guidelines for creating ETP payroll categories (see attached) set up as a Deduction and not a (separate from PAYG Withheld) Tax?
As a result Payroll Liabilities on my Balance sheet don't reconcile with my Payroll Activity Summary.
Because I've finalized my STP, I now have to prepare and report amended Income Statements to ATO for those employees that received an ETP payment last payroll year.
Solved! Go to Solution.
August 2020
August 2020
Hi @seqtt
Thanks for your post. As you are not able to create new tax categories, ETP tax withheld does need to be set up as a deduction. When creating that payroll category you do need to select the applicable liability account. You can create your own liability account or select one already in the accounts list:
This will determine how that ETP tax amount is reported on your Balance Sheet:
Running the Payroll Activity detail will allow to reconcile that amount with your Balance Sheet. You will also need to select the ETP Tax Withheld category in W2 of your BAS setup to include those amounts in your withholding total.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
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August 2020
August 2020
Hi @Tracey_H ,
Thanks for the reply. I could see where my accountant was coming from, but as I started ito investigate, I went back to see how I'd set up the activity statement fields and realised the ETP Withheld could only be created as a Deduction.
I went back to the Payroll Reporting centre and before removing the employee's finalisation, downloaded the PAYG withholding YTD PDF report, and then it all made sense. Forwarded that report to my accountant, and where both happy now.
Enjoy the rest of your day A
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