7 Chart of Accounts - Revision history

Angelica at 00:21, 11 December 2014

2014-12-11T00:21:20Z

Simon Clive at 22:49, 29 December 2011

2011-12-29T22:49:26Z

Simon Clive: Created page with "Chart of Accounts How should these be grouped and under which header account? Payroll Expenses - is the header account for the expense accounts listed in payroll preferences. ..."

2011-06-29T23:48:57Z

Created page with "Chart of Accounts How should these be grouped and under which header account? Payroll Expenses - is the header account for the expense accounts listed in payroll preferences. ..."

New page

Chart of Accounts

How should these be grouped and under which header account?

Payroll Expenses - is the header account for the expense accounts listed in payroll preferences. Within
Payroll Expenses there is also a Gross Wages header account. This is the header for Payroll Expenses
other than Superannuation and Work Cover expenses and effectively seperates your direct and indirect payroll
expenses.

Payroll Liabilities - is the header account for the Liability accounts listed in payroll preferences

@@ Line 1: / Line 1: @@
-'''Chart of Accounts'''
+'''Liability Accounts'''
-How should these be grouped and under which header account?
+'''Why are the liability accounts separate from the expense accounts?'''
-'''<u>Payroll Expenses</u>'''&nbsp; is the header account for the expense accounts listed in payroll preferences. Within Payroll Expenses there is also a '''Gross Wages''' header account. This is the header for '''Payroll Expenses''' other than '''Superannuation''' and '''Work Cover '''expenses and effectively seperates your direct and indirect payroll expenses.
+'''<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
-'''<u>Payroll Liabilities</u>''' - is the header account for the '''Liability''' accounts listed in payroll preferences
+'''Deductions Liability''' - Amounts that need to be paid for any deductions taken from the employee ie union fees etc