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March 2015
March 2015
Hi, we do not use Payroll as we are too small - just 3 employees. I am having trouble getting my Kiwi Saver accounts in MYOB to report correctly and to balance. I followed the isnstructions from a previous thread but it is still not right - not sure what I am doing wrong.
The previous solution was to do a spend money transaction - which we do - and the way it was laid out was:
6xxxx +$100.00 (Gross)
2xxxx -$30.00 (PAYE)
2xxxx -$3.00 (Kiwisaver Employee)
6xxxx +$3.00 (Kiwisaver Employer)
2xxxx -$2.50 (Kiwisaver Employer)
2xxxx -$.50 (ESCT Tax)
Because we are all on individual packages I set up 3 different ESCT 2xxxx accounts for the 3 employees. Using just one means that all the ESCT tax reports under one employee - which is incorrect. When I run a report for the month - the Employer amount deducted for Kiwisaver is way too high.
Are you able to see what I might be doing wrong?
Thanks!
March 2015
March 2015
Hello @WEBC
Welcome to the MYOB Community Forum, I hope you find the solutions to your enquiries and many more helpful suggestions.
In regards to reporting your employer Kiwisaver deductions and ESCT, this is worked out via the IRDs website "How to calculate the minimum compulsory contributions" and "Employer superannuation contribution tax (ESCT)" both of these links provide the calculators to get the correct amount you should be paying/deducting out of the employees pay. Once these are deducted right and placed in the correct spend money transaction the report will reflect the correct amounts you have paid.
Generally this is all processed via a software package, in New Zealand we offer two different ones for small business Essentials and Payroll .
If you have any more enquires please do not hesitate to contact us again.
Kind regards,
Kat