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Difference between revisions of "6 Liabillity Accounts"

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(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, ...")
 
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Liability Accounts
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'''Liability Accounts'''
  
Why are the liability accounts separate from the expense accounts?
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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  
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'''<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
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Deductions Liability - Amounts that need to be paid for any deductions taken from the employee ie union fees etc
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'''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  
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is taken
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'''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
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Super Payable - Amounts that need to be paid to the employees super fund
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'''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.
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'''PAYG Tax Payable''' - Amounts that need to be paid to the Tax office.
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'''Allowances Liability''' - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc

Revision as of 09:46, 30 December 2011

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 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