Please check the current GST and tax ruling with the company's accountant before recording a superannuation salary sacrifice transaction in Jim2. Please note that tax code X must be used for all superannuation accounts.
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Note: To record salary sacrifice, you will need to reduce the employee's wage by the amount of the salary sacrifice. |
▪Use the 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. 
–Debit 6-XXXX Superannuation Expense Account $XX using tax code X. –Credit 2-XXXX Superannuation Liability Account $XX using tax code X.
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▪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)Debit Expense Account – 6-XXXX Superannuation – Salary Sacrifice $XX (Tax code X). d)Credit Liability Account – 2-XXXX Superannuation – Salary Sacrifice $XX (Tax code X).
Further information Create Similar or Recurring GJs |