new user not understanding payg and super

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fpec
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new user not understanding payg and super

I am new user.  I have 2 bank accounts. I have a transaction account and a savings account where i store PAYG and super prior to paying.  What account code should I be using to transfer money from my transaction account to my savings account for super and PAYG to be stored before payment?  ie I do a payrun and am currently transferring the super payable to the savings account as "superannuation payable" and i receive it into the savings account as superannuaiton expense.  I dont beleive this is correct.  How should i be treating these monies and PAYG?

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MYOB Moderator Steven_M
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MYOB Moderator
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Re: new user not understanding payg and super

Hi @fpec 

 

Based on what you are saying, I would have thought you would do a Banking>>Transfer Money transaction from the Main bank account to the Savings account for the amount of the superannuation and PAYG amount. The reason for this is that this would reflect what has occurred in real life i.e. the transfer of those funds within the bank accounts. As you are not touching the superannuation payable and PAYG withholding accounts, it would also show that those amounts are outstanding.

 

In terms of payments, it would depend on what is occurring in real life. If you pay it from the savings account you would do a Banking>>Spend Money transaction from the savings account with the allocation accounts being the superannuation payable and PAYG withholding accounts. If you pay it from the main bank account you would do another Transfer money transaction from saving account to the main account before recording that Spend Money transaction.

Kind regards,
Steven

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