Difference between revisions of "7 Chart of Accounts"
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| − | ''' | + | '''Liability Accounts''' |
| − | + | '''Why are the liability accounts separate from the expense accounts?''' | |
| − | '''<u> | + | '''<u>Liability Accounts</u>''' 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 <br> | ||
| + | |||
| + | '''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 | ||
Latest revision as of 11:21, 11 December 2014
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
