Angelica: Created page with "'''Liability Accounts''' '''Why are the liability accounts separate from the expense accounts?''' '''Liability Accounts''' These are the payments that are to..."

2014-12-11T00:26:52Z

Created page with "'''Liability Accounts''' '''Why are the liability accounts separate from the expense accounts?''' '''Liability Accounts''' These are the payments that are to..."

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'''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

'''Super Payable''' - Amounts that need to be paid to the employees super fund 

'''Leave Liability''' - Amounts accrued 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 allowances given to the employee ie travel allowance etc

7 Liability Accounts - Revision history

Angelica: Created page with "'''Liability Accounts''' '''Why are the liability accounts separate from the expense accounts?''' '''Liability Accounts''' These are the payments that are to..."