6 Liabillity Accounts - Revision history

Angelica at 00:20, 11 December 2014

2014-12-11T00:20:02Z

Simon Clive at 22:46, 29 December 2011

2011-12-29T22:46:43Z

Simon Clive: Created page with "Liability Accounts Why are the liability accounts separate from the expense accounts? Liability Accounts - These are the payments that are to be paid to the various suppliers, ..."

2011-06-29T23:07:13Z

Created page with "Liability Accounts Why are the liability accounts separate from the expense accounts? Liability Accounts - These are the payments that are to be paid to the various suppliers, ..."

New page

Liability Accounts

Why are the liability accounts separate from the expense accounts?

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
Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type
is taken
Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc
Super Payable - Amounts that need to be paid to the employees super fund
PAYG Tax Payable - Amounts that need to be paid to the Tax office.

@@ Line 1: / Line 1: @@
-Why are the liability accounts separate from the expense accounts?
+'''Expense Accounts'''
-'''<u>Liability Accounts</u>'''&nbsp; 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
+'''Do you understand why the expense accounts are set this way, in relation to grouping?'''
-'''Leave Liability''' - Amounts accured for any Leave type that are to be paid to the employee when that leave type is taken
+'''<u>Expense Accounts</u>'''&nbsp; These are the costs to the company, irrelevant of payment or not. Use these accounts in the BAS/VAT
-'''Allowances Liability''' - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc
+'''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

@@ Line 1: / Line 1: @@
-Liability Accounts
+'''Liability Accounts'''
 Why are the liability accounts separate from the expense accounts?
-Liability Accounts - These are the payments that are to be paid to the various suppliers, including the tax office. DO
+'''<u>Liability Accounts</u>'''&nbsp; 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
-	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
+'''Deductions Liability''' - Amounts that need to be paid for any deductions taken from the employee ie union fees etc
 Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type
-	is taken
+'''Super Payable''' - Amounts that need to be paid to the employees super fund <br>
-Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence 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.