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Allocation code for Personal super contributions

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Allocation code for Personal super contributions

Hi everyone,


I'm a sole trader and every month, I make personal super contributions via BPAY to my super fund. What code do I allocate it to? Superannuation expense or Superannuation liability? What's the difference?

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Re: Allocation code for Personal super contributions

Hi @rhianak 


Thank you for your post. I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.


In this regard, I would recommend speaking with your Accounting Advisor as there are a few different ways you could do this. As certain types of categories would require both liability and expense accounts added to them. The main difference between liabilities and expenses is that liabilities impact your equity and expenses impact your cash flow. Liabilities are financial obligations that detract from your business equity. Whereas expenses detract from your business income. And also one difference between them is, Expenses are costs that businesses typically pay for as they occur, while liabilities may be both short-and long-term. Expenses can become liabilities if payment is delayed or if you take out a loan to pay for an expense. 


If you need further assistance with this, Please feel free to post again and we're happy to assist you. 


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


Best Regards, 



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