Remove RESC from Income Statement

[Alison164]

Hi, We have a client who has included RESC when processing her pays each week during the whole financial year. This is incorrect and we need to remove the RESC from the income statement before we finalise. What would our best opton be? Should we create a payrun dated EOFY and do a negative figure so it balances out? 

Any assistance would be greatly appreciated.

Thanks

Alison

[gavin12345]

Hi @Alison164 

Perhaps provide a little more information about the issue. Many report RESC with each pay - this is typical for salary sacrifice into super. Is that what the RESC is for? Note that since STP Phase 2, employers are required to report pre-salary sacrifice income as Gross, report the salary sacrifice amount as a positive and the RESC as a positive. The ATO will deduct the salary sacrifice from the gross to arrive at taxable income. The RESC is required to appear on the income statement.

However if there is no RESC and the amount was incorrectly included, correct things in MYOB by reversing the pays and re-processing and re-reporting. This will replace all previous YTD amounts for this employee. Or perhaps you could do one negative pay that correct the YTD totals.

Regards

Gavin

[Shella_A]

Hi @Alison164 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

Thank you for your post. Reportable Employer Super Contributions (RESC) will only be available as an option for Contribution types Employer Additional (expense) and Salary Sacrifice (deduction). May you please provide a little more information about the issue. 

Please note that since STP Phase 2, employers are required to report pre-salary sacrifice income as Gross, report the salary sacrifice amount as a positive and the RESC as a positive. 

However, if there is no RESC for your employee and the amount was incorrectly included, correct things in MYOB by reversing the pay, re-processing, and re-reporting. This will replace all previous YTD amounts for this employee. Or perhaps you could do one negative pay that correct the YTD totals to make it balance.

You may also have a look at this Help Article: Fixing a Pay that has detailed information and instructions to assist with this.

If you need further help with this don't hesitate to start a new post or reply to this post and we'll be happy to assist.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,

Shella_A