Michael_H
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Joined 8 years ago
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Salary sacrifice into super - GL treatment
Hello everyone, I have a few employees using salary sacrifice into super in a few of my MYOB entities. I appears that salary sacrifice into super, when setup in MYOB recommended way, treats salary sacrifice as a payment deduction rather than an expense under a different GL account, so when, for example, all $X of salary is sacriced into super MYOB sets up the following entries in the GL: 1-1220 Electronic Clearing Account 0 (CR) 6-1400 Wages Expenses $X (DR) 2-1420 Superannuation payable $X (CR) What I would like to see is - 6-1500 Superannuation Expenses $X (DR) 2-1420 Superannuation payable $X (CR) This would make it easier to reconcile payroll/TB/ATO reported numbers, in particular because salary sacrificed amounts are not a part of the gross wages. I wonder how I could setup salary sacrifice to achieve that. There is no option to select an expense account under Salary sacrifice payroll category. Any advice is appreciated. MikeSolved8.6KViews0likes8CommentsRe: Salary sacrifice into super - GL treatment
Hi CloudMindAcc , I assume it does report correctly, and it means that GL expense of wages in MYOB is not equal to Gross Wages reported to ATO - and this is where I can see the reconciliation problem. Do you know if there any way to run a report on Salary sacrifice transactions and amounts? Thanks again for your help.7.2KViews0likes3CommentsRe: Salary sacrifice into super - GL treatment
Hi CloudMindAcc , Thank you for your input. ATO specifically prescribes that salary sacrifice into super is not to be included into Gross payments, and requests to report it under 'Reportable Employer Super contributions' , see - https://www.ato.gov.au/Forms/PAYG-payment-summary---individual-non-business/?page=2 That's why I would prefer to treat it as a Superannuation expense, rather than Salary expense.7.6KViews1like6Comments