Difference between revisions of "6 Liabillity Accounts"
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Simon Clive (Talk | contribs) (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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| − | + | '''Expense Accounts''' | |
| − | + | '''Do you understand why the expense accounts are set this way, in relation to grouping?''' | |
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| − | Leave | + | |
| − | + | '''<u>Expense Accounts</u>''' These are the costs to the company, irrelevant of payment or not. Use these accounts in the BAS/VAT | |
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| − | Super | + | |
| − | PAYG | + | '''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 |
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| + | '''Deduction Paid (Default)''' - This is the expense account for deductions <br> | ||
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| + | '''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. | ||
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| + | '''Net Wages'''<br> | ||
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| + | '''Allowance Paid (Default)''' - This is the expense account for <br> | ||
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| + | '''Super Paid''' - This is the expense account for superanuation '''PAYG Expense''' - This is the tax expense as part of payroll | ||
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| + | '''Sundries''' - Any expense entered as sundries will show here <br> | ||
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| + | '''Commissions''' - Commission Paid | ||
Latest revision as of 11:20, 11 December 2014
Expense Accounts
Do you understand why the expense accounts are set this way, in relation to grouping?
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
Allowance Paid (Default) - This is the expense account for
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
