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Difference between revisions of "2 Pre-Load Values"

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'''PreLoad Values'''
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'''PreLoad Values'''  
  
 
Has the company Payroll Information been set correctly?  
 
Has the company Payroll Information been set correctly?  
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This information is essential for the correct calculation of leave accruals and PAYG Tax.  
 
This information is essential for the correct calculation of leave accruals and PAYG Tax.  
  
−
Standard Hours worked per week - This figure is essential to convert hours of accrued leave to days.
+
<u>'''General'''</u>
  
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Annual Leave Weeks per Year - Used to calculate leave accrual rates
+
'''Standard Hours worked per week''' - This figure is essential to convert hours of accrued leave to days.
  
−
Sick Leave Days Per Year Cap - This is the maximum number of sick leave days allowed to be accrued in a single year. This figure is used to calculate accrual rates. If there is a maximum number of days that can be accrued overall this is set in the Award
+
'''Annual Leave Weeks per Year''' - Used to calculate leave accrual rates  
  
−
Long Service Leave Weeks per Term - Used to calculate leave accrual rates The following preferences are rates set by the ATO and are used for termination payments only.
+
'''Sick Leave Days Per Year Cap''' - This is the maximum number of sick leave days allowed to be accrued in a single year. This figure is used to calculate accrual rates. If there is a maximum number of days that can be accrued overall this is set in the Award
  
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Leave Loading Tax Threshold
+
'''Long Service Leave Weeks per Term''' - Used to calculate leave accrual rates The following preferences are rates set by the ATO and are used for termination payments only.
  
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Medicare Levy Rate
+
'''Leave Loading Tax Threshold'''
  
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Medicare Levy Surcharge Rate  
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'''Medicare Levy Rate'''
  
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Base Tax Rate for Lump Sums
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'''Medicare Levy Surcharge Rate'''
  
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Lump Sum Flat Rate for Over 55
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'''Base Tax Rate for Lump Sums'''
  
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Lump Sum E / Backpay Tax Rate  
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'''Lump Sum Flat Rate for Over 55'''
  
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Fringe Benefits Tax Rate  
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'''Lump Sum E / Backpay Tax Rate'''
  
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No TFN Tax Rate  
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'''Fringe Benefits Tax Rate'''
  
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Threshold Limit for RBL Purposes
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'''No TFN Tax Rate'''
  
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Lump Sum D (Basic Tax Free Potion)
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'''Threshold Limit for RBL Purposes'''
  
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(Yearly Tax Free Portion)  
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'''Lump Sum D (Basic Tax Free Potion)'''
  
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ETP Low Rate Threshold (per year)
+
'''(Yearly Tax Free Portion)'''
  
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Default Superannuation Rate - This is the Superannuation Guarantee Levy rate
+
'''ETP Low Rate Threshold (per year)'''
  
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Pay Super is Monthly Gross More Than - This is the monthly income level where the SGC cuts in. This is a cumulative figure so if an emloyee earns for example $400 per week, the first weekly pay each month will have no superannuation component but the difference will be made up in the second pay for the month.
+
'''Default Superannuation Rate''' - This is the Superannuation Guarantee Levy rate
  
−
Pay by Department - allows pays to be run seperately for different cost centres Add to EFT by default - to use this option you must be registered with you bank for EFT and record your APCA Number and bank account details in Accounts&lt;LinkId=8&gt; Include Pays with $0 pay - creates a pay record and Payslip for employees who's pay is $0 for the period. Import Tax Scales - New tax scales are made available for import as required (usually at the start of a new financial year).  
+
'''Pay Super is Monthly Gross More Than''' - This is the monthly income level where the SGC cuts in. This is a cumulative figure so if an emloyee earns for example $400 per week, the first weekly pay each month will have no superannuation component but the difference will be made up in the second pay for the month.  
  
−
Clearing Account
+
'''Workers Compensation Rate''' -
  
−
Payroll Clearing Account - This must be a clearing account, not an actual Bank Account. Defaults to Payroll Bank Clearing.
+
'''Pay by Department''' - allows pays to be run seperately for different cost centres
  
−
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 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. Super Paid - This is the expense account for superanuation Net Wages - This account records the actual cash paid to the employee Deduction Paid (Default) - This is the expense account for deductions Sundries - Any expense entered as sundries will show here Allowance Paid (Default) - This is the expense account for Allowences PAYG Expense - This is the tax expense as part of payroll
+
'''Add to EFT by default''' - to use this option you must be registered with you bank for EFT and record your APCA Number and bank account details in Accounts&lt;LinkId=8&gt;
  
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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 Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type is taken Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc Super Payable - Amounts that need to be paid to the employees super fund PAYG Tax Payable - Amounts that need to be paid to the Tax office.
+
'''Include Pays with $0 pay''' - creates a pay record and Payslip for employees who's pay is $0 for the period.
 +
 
 +
'''Import Tax Scales''' - New tax scales are made available for import as required (usually at the start of a new financial year).
 +
 
 +
 
 +
 
 +
<u>'''Clearing Account'''</u>
 +
 
 +
'''Payroll Clearing Account''' - This must be a clearing account, not an actual Bank Account. Defaults to Payroll Bank Clearing.
 +
 
 +
 
 +
 
 +
<u>'''Expense Accounts'''</u>&nbsp; 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''' - This account records the actual cash paid to the employee
 +
 
 +
'''Allowance Paid (Default)''' - This is the expense account for Allowences
 +
 
 +
'''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
 +
 
 +
 
 +
 
 +
'''<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
 +
 
 +
'''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

Revision as of 17:10, 29 December 2011

PreLoad Values

Has the company Payroll Information been set correctly?

This information is essential for the correct calculation of leave accruals and PAYG Tax.

General

Standard Hours worked per week - This figure is essential to convert hours of accrued leave to days.

Annual Leave Weeks per Year - Used to calculate leave accrual rates

Sick Leave Days Per Year Cap - This is the maximum number of sick leave days allowed to be accrued in a single year. This figure is used to calculate accrual rates. If there is a maximum number of days that can be accrued overall this is set in the Award

Long Service Leave Weeks per Term - Used to calculate leave accrual rates The following preferences are rates set by the ATO and are used for termination payments only.

Leave Loading Tax Threshold

Medicare Levy Rate

Medicare Levy Surcharge Rate

Base Tax Rate for Lump Sums

Lump Sum Flat Rate for Over 55

Lump Sum E / Backpay Tax Rate

Fringe Benefits Tax Rate

No TFN Tax Rate

Threshold Limit for RBL Purposes

Lump Sum D (Basic Tax Free Potion)

(Yearly Tax Free Portion)

ETP Low Rate Threshold (per year)

Default Superannuation Rate - This is the Superannuation Guarantee Levy rate

Pay Super is Monthly Gross More Than - This is the monthly income level where the SGC cuts in. This is a cumulative figure so if an emloyee earns for example $400 per week, the first weekly pay each month will have no superannuation component but the difference will be made up in the second pay for the month.

Workers Compensation Rate -

Pay by Department - allows pays to be run seperately for different cost centres

Add to EFT by default - to use this option you must be registered with you bank for EFT and record your APCA Number and bank account details in Accounts<LinkId=8>

Include Pays with $0 pay - creates a pay record and Payslip for employees who's pay is $0 for the period.

Import Tax Scales - New tax scales are made available for import as required (usually at the start of a new financial year).


Clearing Account

Payroll Clearing Account - This must be a clearing account, not an actual Bank Account. Defaults to Payroll Bank Clearing.


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 - This account records the actual cash paid to the employee

Allowance Paid (Default) - This is the expense account for Allowences

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


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

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