Please check the current GST and tax ruling with your accountant before you record a superannuation salary sacrifice transaction in Jim2. Please note that tax code X must be used for all superannuation accounts.
Option 1:
▪Use your current 6-XXXX Superannuation Expense and 2-XXXX Superannuation Liability accounts to record the Salary Sacrifice amounts.
▪Add to Payroll General Journal as shown below.
–DR 6-XXXX Superannuation Expense Account $XX using Tax code X.
–CR 2-XXXX Superannuation Liability Account $XX using Tax code X.
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You can enter the combined liability or add another line to record the Salary Sacrifice amount separately |
Option 2:
▪Add specific Superannuation Salary Sacrifice Expense and Liability Accounts.
a)Expense Account - 6-XXXX Superannuation – Salary Sacrifice.
b)Liability Account - 2-XXXX Superannuation – Salary Sacrifice.
•Add to Payroll General Journal, include two extra lines:
c)DR Expense Account – 6-XXXX Superannuation – Salary Sacrifice $XX (Tax code X).
d)CR Liability Account – 2-XXXX Superannuation – Salary Sacrifice $XX (Tax code X).
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When you pay the superannuation fund, using the cheque book, you should include the Salary Sacrifice amount and enter as a separate line on the cheque entry. |