Frequently Asked Questions

Can the Bookkeeping program automatically calculate the Australian SGC superannuation amounts for wages paid?
Last Updated 7 years ago

Yes. Using the entitlements section of the program it is possible to have the program automatically calculate the SGC amount for the wages paid.
To set this up you create a salary entitlement for SGC with the following values:
Entitlement name: SGC (or something similar)
Entitlement description: Superannuation Guarantee allowance
Entitlement type: Other Entitlement
Reportable entitlement: YES
Percentage: 9 (this is for the 2012-2013 financial year, it is changing in 2013)
Fixed Amount: (do not enter anything into this field)
Percent/Amount Type: Gross Wages
Applies From Amount: 5400 (this is for the 2012-2013 financial year where superannuation is not paid on low monthly incomes)
Applies To Amount: 9999999 (this is an artificial upper limit meaning to calculate it for all wages above 5400 annual salary)
Pro rata entitlement: NO
Once you have set up the salary entitlement you need to associate it with each of the employee records. This is done in the lower section of the Employee record. Set up the association with the following values:
Entitlement: SGC
Entitlement Expense Account: SGC collected for employee (you can either have a single expense account for all employees or one for each employee)
Entitlement Payment/Accrual Account: Superannuation Payable (this is an accrual account that accrues the amounts calculated.)
When a salary payment is made for the employee the SGC will be calculated and accrued to the "Entitlement Payment/Accrual Account".
When you remit the amounts to the superannuation fund you either deduct the amount remitted from this account, or from an offset account.
If you use an offset account then it is best to also create a summary account and place both the accrual account and the offset account under the summary account. This will allow Bookkeeping to calculate the balance and show this on reports.

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