2 Pre-Load Values
From TrueERP wiki
PreLoad Values
Has the company Payroll Information been set correctly?
This information is essential for the correct calculation of leave accruals and PAYG Tax.
General
Standard Hours worked per week - This figure is essential to convert hours of accrued leave to days.
Annual Leave Weeks per Year - Used to calculate leave accrual rates
Sick Leave Days Per Year Cap - This is the maximum number of sick leave days allowed to be accrued in a single year. This figure is used to calculate accrual rates. If there is a maximum number of days that can be accrued overall this is set in the Award
Long Service Leave Weeks per Term - Used to calculate leave accrual rates The following preferences are rates set by the ATO and are used for termination payments only.
Leave Loading Tax Threshold
Medicare Levy Rate
Medicare Levy Surcharge Rate
Base Tax Rate for Lump Sums
Lump Sum Flat Rate for Over 55
Lump Sum E / Backpay Tax Rate
Fringe Benefits Tax Rate
No TFN Tax Rate
Threshold Limit for RBL Purposes
Lump Sum D (Basic Tax Free Potion)
(Yearly Tax Free Portion)
ETP Low Rate Threshold (per year)
Default Superannuation Rate - This is the Superannuation Guarantee Levy rate
Pay Super is Monthly Gross More Than - This is the monthly income level where the SGC cuts in. This is a cumulative figure so if an emloyee earns for example $400 per week, the first weekly pay each month will have no superannuation component but the difference will be made up in the second pay for the month.
Workers Compensation Rate -
Pay by Department - allows pays to be run seperately for different cost centres
Add to EFT by default - to use this option you must be registered with you bank for EFT and record your APCA Number and bank account details in Accounts<LinkId=8>
Include Pays with $0 pay - creates a pay record and Payslip for employees who's pay is $0 for the period.
Import Tax Scales - New tax scales are made available for import as required (usually at the start of a new financial year).
Clearing Account
Payroll Clearing Account - This must be a clearing account, not an actual Bank Account. Defaults to Payroll Bank Clearing.
Expense Accounts These are the costs to the company, irrelevant of payment or not. Use these accounts in the BAS/VAT
Gross Wages - This is typically a simple header account, in that you don't post anything to this account, but use it as a summing account of those under it
Deduction Paid (Default) - This is the expense account for deductions
Leave Paid - This is the expense account for all leave types. Accrued leave is expensed at the time it accrues at the pay rate current at that time. When leave is taken it is expensed to Gross Wages at the actual current rate and the Leave Paid expense account is reduced by the original accrued amount.
Net Wages - This account records the actual cash paid to the employee
Allowance Paid (Default) - This is the expense account for Allowences
Super Paid - This is the expense account for superanuation
PAYG Expense - This is the tax expense as part of payroll
Sundries - Any expense entered as sundries will show here
Commissions - Commission Paid
Liability Accounts These are the payments that are to be paid to the various suppliers, including the tax office. DO NOT Use these accounts in the BAS/VAT
Deductions Liability - Amounts that need to be paid for any deductions taken from the employee ie union fees etc
Super Payable - Amounts that need to be paid to the employees super fund
Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type is taken
PAYG Tax Payable - Amounts that need to be paid to the Tax office.
Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc
