HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

MYOB – Payroll Cash out Annual Leave – How to reduce the Holiday Leave Accrual

images/MYOB logo new.JPGClient Skyped me - Hi Paul, I've had a look and our special Pay Category, Holiday Cash Out doesn't seem to be reducing from the balance of Holiday Leave Accrual. It's not listed under entitlements under the Payroll Category List window.

Paul - Yes it is NOT linked to the accrual because only one can be linked at a time to a pay category (in older MYOB Classic v19 and earlier, but new AR can link several!)- the Holiday/Annual Leave pay category that is regularly used, is linked to the Holiday Accrual and deducts from the accrual - if you go to Entitlements, and then open the Holiday Leave Accrual, you will see down at the bottom it says it is linked to Holiday Leave.

Your Holiday Cash Out is not an entitlement - it will be under the Wages Payroll Category to be used when paid Smile, but it has no effect on the accrual, in older MYOB classic v19 and earlier back.

Client - Thanks. So how do we reduce the accrued holiday leave by the hours that have been paid as a holiday cash out which is allowed in the award, up to 2 weeks per year? Can we put it as an entitlement that gets deducted or can we manually deduct from accrued holiday pay?

Paul – In classic MYOB, it needs be manually deducted - the more automatic way is to set up the Hol Cash Out as a separate entitlement, and choose to link it to the Holiday Cash Out wage category.

BUT- If the 2 weeks are optional it will be difficult to balance with the regular Holiday accrual if not taken every year - it becomes messy - if not used regularly but occasional years.

I would adjust the Accrual in this way - do a pay cheque with ZERO hours, and in the lower lines at Holiday Accrual, adjust the holiday accrual with NEGATIVE the hours cashed out, and write a note in the memo for the reason and date the cash out occurred, there should be no super generated, ensure any other allowances etc are ALL ZERO also – then record, and this pay updates the accrual and there is a clear record with note and date for the reason for the adjustment.

Client - OK I will try that. There's only a few done so far. So will need to do that for those ones. May make an adjustment today so these are all done now and up to date. Thanks.

Paul - Yes do as a pay, then it updates and provides a note and proper record on the staff pays record.

Client -  Thanks. is the other option to use the "Unused Holiday Pay" for Cashed Out pay as well?

Paul - NO Unused is for a different Reason - when they leave and still have Unused Leave owing due to them on leaving. The Unused Holiday will ALSO NOT decrease the Holiday Accrual, but it is used to be clear what the pay is for - and when you enter the Termination date in the card it closes OFF the entitlements.

Client  -  OK thanks. Thought I'd check. Will org. Cheers.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Business Tax Tip – Correcting GST mistakes – Common errors and how to correct them

 

 

 

Timages/Business Tax Tips.PNGhe Australian Tax Office (ATO) website has information on what to do when you find you have a GST error correction to make – and how to put it right in a way that is easier than revising a prior statement, as well as avoiding penalties (you see!... the ATO is really NOT your business enemy!)

Correcting GST Errors -

If you make a mistake (that fits the definition of a GST error) when reporting GST on an activity statement, you can correct that error on a later activity statement if you meet certain conditions.

The benefit of correcting a GST error on a later activity statement is that you will not be liable for any penalties or general interest charge (GIC) for that error.

Generally, it is easier to correct a GST error on a later activity statement than to revise an earlier activity statement. Revising an earlier activity statement that contains an error can incur penalties or GIC.

Here are a series of links about correcting GST errors –

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

 

 

 

More Articles...

  1. Business Financials – What is Current Ratio formula / meaning & what does it show us?
  2. Bookkeeping – Is JobKeeper included in Workcover Remuneration – What is included
  3. Xero TPAR – Set up Taxable Payments Annual Report – Account Right
  4. MYOB TPAR – Set up Taxable Payments Annual Report – Account Right
  5. Business Tax Tip – TPAR – All you need to know – Taxable Payments Annual Reports – 28 August Annually
  6. Bookkeeping – End of year June final pay falls in new financial year and paid in July
  7. MYOB – Tax Tables for 2020-2021 – to v19 (Classic MYOB)
  8. QBO – Quickbooks Online – Year End Business Tax Planning – Support to prepare the books/accounts!
  9. RECKON – Year End Business Tax Planning – Support to prepare the books/accounts well!
  10. XERO – Year End Business Tax Planning – Support to prepare your books/accounts well!
  11. MYOB – EOFY – End of Financial Year Business Books – MYOB Account Right and Essentials
  12. Business Tax Tip – How to prepare for year-end accounting - Last 9 of 18 tips
  13. Business Tax Tip – How to prepare for year-end accounting - first 9 of 18 tips
  14. Business Finance 101 – Year End Business Planning – Checklist – Preparing for a great Year End!
  15. Business Financials – What does Equity mean?
  16. Business Tips – COVID Support Packages SIMPLIFIED – Aust. Govt.
  17. Business Tips – JobKeeper Payment - SIMPLIFIED – How to enter Payroll when pay is under $750 week ($1500 fortnight)
  18. Business Financials – How to understand Cost of Sales / Cost of Goods Sold
  19. Xero Bookkeeping – How to handle overpayment in Xero, and how to refund overpayment
  20. Bookkeeping – 7 top bookkeeping tips for healthy small business in Australia
  21. Business Tax Tip – GST on Hire Purchase
  22. MYOB-Xero-Reckon bookkeeping – How to remove “to be printed” item from a print queue
  23. Cash Flow Tip – 5 ways on how you can improve cash flow in 30 days!
  24. Business Tax Tip – What is Instant Asset Write Off 2019
  25. Business Tips
  26. Cashflow Tip – How does Team-building affect your Cashflow in Business?
  27. Bookkeeping – Tip – Avoid using Miscellaneous or Sundry Accounts
  28. Business Tax Tip – Business Record Keeping ATO – Requirements and what to keep and how long
  29. Business Financials – What is the difference between Liability and Debt – Debt vs Liability
  30. Cashflow Tip – Business or Personal Expenses claimed – What is the long-term plan? Business lessons
  31. Business Tax Tip – Employer of working holiday makers and tax rates
  32. Cashflow tip – How your Company Cashflow affects your Employees
  33. MYOB – How to delete old items in Account Right (AR)
  34. Cashflow tip – Improve Cashflow by your invoicing!
  35. Business Tax Tip – What Tax and Super is on Commissions and Bonuses
  36. Business Tax Tip – Do I pay the tax due or spend the amount on growing my business?
  37. Bookkeeping – Paid Parental Leave - What is Parental Leave Pay Australia & how do you enter in the bookkeeping accounts?
  38. Business Financials – What are Generally Accepted Accounting Principles (GAAP) accounting - explained
  39. MYOB – Paying Superannuation for Employees – What reports to use
  40. Business Tax Tip – Taxable Payments Annual Report – TPAR – Now covers Building, Cleaning and Courier businesses!
  41. Business Tips –When you feel stuck – 5 ways to refresh and go again!
  42. Business Tax Tip – How to Correct GST errors
  43. Business Financials – What does the Accounting Equation Mean? What does it show?
  44. Cashflow tip – Ways to Manage Cash Flow in small Business – Understand Cash Flow
  45. MYOB – Tax Tables for 2019-2020 – to v19 (Classic MYOB)
  46. Business Tips – How to find your ideal client – Tips on how to define them
  47. Business Tax Tip – Single Touch Payroll – STP and the ATO – the new reporting method
  48. Cashflow tip – How we help to focus on key KPI to impact growth for our clients
  49. Business Tax Tip – Another 9 EOFY – End of Financial Year tax tips to prepare for Year End Now!
  50. Business Tax Tip – 9 EOFY, End of Financial Year Tax Tips to Start Year End Preparation NOW!
  51. Reckon / Quickbooks – Accounts Hosted and PC versions – How to set up and use ABA files to pay suppliers/creditors
  52. Reckon One – Simple Online Accounting – Reckon One Support, User Guides and How to use Reckon One
  53. Business Tax Tip – Tax on Annual Leave and Long Service Leave on Termination / Resignation Payout
  54. MYOB – How to set up child support in MYOB payroll
  55. Business Tax Tip – How to understand GST on the sale of assets
  56. Business Financials – The Accumulated Depreciation Asset Account on the Balance Sheet
  57. Cashflow tip – What is the difference between cashflow and budget?
  58. Reckon / Quickbooks – How to change the email message for sales invoices - Accounts Hosted and PC
  59. Business Financials – How to understand what “non-cash expenses” means and what types of non-cash transaction examples there are
  60. Cashflow tip – Top ways to have better cashflow – 5 top tips
  61. Business Tax Tip – Don’t get caught with Small Business Capital Gain Tax Concession thresholds
  62. MYOB – How to deal with overpaid retentions
  63. Business Financials – How to successfully understand the difference between Mark-Ups and Margins when pricing
  64. Business Tips – How to achieve successful selling
  65. Bookkeeping – How to enter Annual Leave that was missed?
  66. MYOB AR & Essentials – Paying super and Superstream in v19 (when not in the cloud yet) – Using the Super Portal by MYOB to be compliant
  67. Business Financials – Do you make Profit.. but have no Cash!
  68. Cashflow tip – Cashflow and Budget – What are they and how are they different?
  69. Business Financials – What is the Balance Sheet – An example and definition
  70. Reckon / Quickbooks – How to customise an invoice in Quickbooks / Reckon
  71. Business Tax Tip – Types of Business Structure in Australia – How profit is handled and taxed
  72. Business Financials – How does a Profit and Loss statement work?
  73. Cashflow tip – What does the Cash Flow Statement Show us?
  74. Business Tips – What is the last Competitive Advantage for a business?
  75. Business Financials – Tax Breaks for Business – Do they encourage and stimulate business innovation and the economy?
  76. MYOB Essentials – Assets and the CAP tax code for your Capital Purchases (assets)
  77. Bookkeeping – Redundancy – What is Redundancy Pay – How much is Redundancy pay?
  78. Xero/Reckon/MYOB - Bookkeeping entries for loans – Lending money to business
  79. Business Tax Tip – GST and Leasing – How it works
  80. Business Financials – Paying Superannuation for Employees
  81. Bookkeeping – BAS – What is the BAS statement and the accounting the bookkeeping needs to cover
  82. Cashflow tip – How to improve cash flow for business – 5 top things to act on NOW!
  83. MYOB Essentials – Why tax is appearing when only $300 is earned for the week, under the tax free threshold?
  84. Business Tax Tip – GST and Hire Purchase
  85. Cashflow tip – Making a Profit but have no cash – what are the reasons?
  86. Reckon ONE – How to Set Up and how to Report Taxable Payments Annual Report (TPAR) – and when due?
  87. Reckon / Quickbooks – How to Set up and How to Report Taxable Payments Annual Report (TPAR) – and when due?
  88. XERO – TPAR – Taxable Payments Annual Report – How to set up and report in MYOB AccountRight
  89. MYOB – TPAR – Taxable Payments Annual Report – How to set up and report in MYOB AccountRight
  90. Xero/Reckon/MYOB bookkeeping –Tax Tables for 2018-2019 – and which versions of MYOB - update
  91. Business Tax Tip – TPAR – Taxable Payments Annual Report
  92. MYOB Quickbooks Reckon Bookkeeping – New Tax Tables 2018-19
  93. Reckon / Quickbooks – Single Touch Payroll – STP – in Reckon One- Accounts Hosted and Accounts 2018
  94. Business Financials – Here are 5 End of Financial Year (EOFY) tips 2018
  95. Xero bookkeeping – Single Touch Payroll – STP – reporting in Xero software
  96. MYOB – Single Touch Payroll –STP - reporting in MYOB
  97. Business Tax Tip – What is STP - Single Touch Payroll reporting?
  98. Bookkeeping – 7 Key Tips - How to Organise Business Paperwork and Accounts
  99. Cashflow Tip – What the Cashflow Statement shows and tells us
  100. Business Tips – A new way to get a Competitive Advantage?
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?
Create an account

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?
Create an account

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2020   |   Website Design by Best Web Site Design Melbourne    |   Admin