Hi.....does QBO handle SMSF ledgers ?

Hi dsstephensco-gma,

Yes, Self-Managed Super Funds (or SMSF) is available in QuickBooks Online. You can assigned SMSF on your employee's profile. 

Here's how: 

1. Go to Employees tab.
2. Select an employee.
3. On the left-hand side, select Super Funds.
4. Select Self Managed tab.
5. Enter employee's super fund details and then save it. 

Also, you can check on this article on how to set up super payments with Beam for your future reference. 

Feel free to drop a comment below if you need further assistance. Have a great day! 

Hi

Thanks for your reply but it does not answer the question.

I need to set up an SMSF ledger and was asking what type of organisation should be selected in the set-up.

Cheers David

Thanks for getting back to us, dsstephensco-gma.

The information provided above by my colleague is the usual steps on how to set up the SMSF for an employee. Are you referring to setting up an account for the SMSF in the payroll chart of accounts? If so, there is a default account automatically set up in your QuickBooks Online Payroll which is the Superannuation Expense and Superannuation Liability Account. You can check the default chart of account using the steps below:

1. Click on the Employees tab.
2. Click on Payroll Settings.
3. Click on Chart of Accounts.
4. Click on Default Accounts.

The setup of your payroll chart of account will determine the journal entries used to record the payroll expenses. You can check this article to learn more about Set up and configure payroll chart of accounts.

If this is not what you're looking for, please feel free to reply to this thread with a screenshot of the settings for us to check the information. The Community is here to help you. Have a nice day!

Hi Shiela

No......nothing to do with employees.

The question is what type of ledger do I set up for an SMSF

Cheers David

Hi dsstephensco-gma,

I'd encourage you checking on this direct with the ATO t verify what organisation type to assign for SMSF ledger. Check this link here about Self manage super funds.

Also, I'd recommend contacting our Customer Care Team for us to further assist you. That way one of our support can further check the set up you needed and can do remote screensharing with you in a secure form.

Here's hot to contact our Customer Care Team:

1. Log in to QuickBooks Online.

2. Click on Help.

3. In QB Assistant, enter a topic or question.

4. Click on Contact Us to connect with a live support agent.

5. Choose a way to connect with us:

Start a chat with an expert. Live chat from M-F 8:am to 10pm and Sat-Sun 8am to 8pm AEDT.

Call Us. M-F 8:30am - 6:30pm AEDT.

Feel free to post if you have more questions. Have a nice day!

Hi Shiela

Sorry it is not a question for the ATO. Its a question for QBO.

I have 2 new clients and need to set up SMSF ledgers.

The question I am asking is what type of organisation to choose.

The choice is:

-Sole Trader

-Company

-Private limited company

-Trading Company

-Charity

-Trust

-Something else

Cheers David

Hi dsstephensco-gma,

Thanks for the clarification. We won't be able to decide what is the correct company type for you and your client's business. Hence, it would be best to consult an accounting professional about this.

You can select the nearest company type that suits your client's business type. And can edit it later on. QuickBooks Online automatically creates the chart of accounts for you, but you can always add and create a new chart of accounts that suits or is needed for your business.

You can check the links below to learn about QuickBooks Online Chart of accounts:

• Add an account to your chart of accounts in QuickBooks Online
• Learn about the chart of accounts in QuickBooks Online

If you need more help setting up the account, I'd recommend contacting our Customer Care Team. This way one of our support team can help check your account and settings.

If you have further concerns in QuickBooks Online, please post a response below. Have a nice day!

Hi

I need to set up an SMSF ledger. Am trying to establish whether the ledger should be set up as a company type or trust type.

Chees David

Hi dsstephensco-gma,

Thanks for posting in the Community!

Are you trying to add an account in your Chart of Accounts to track the SMSF payments in QuickBooks Online? If so, you can add new account in your Chart of Account, make sure to select the account type you wanted to track the SMSF. 

To add a new account in the chart of accounts, you can check this link to learn more Learn about the chart of accounts in QuickBooks Online.

Furthermore, if you're using the payroll feature in QuickBooks Online. There's a default superannuation expense and liability account set for your account. The accounts selected correspond directly with the payroll journals that are created when the pay run is finalised and submitted to QuickBooks Online.

1. Go to Payroll or Employees tab and select Payroll Settings.
2. Click on Chart of Accounts.
3. Click on Default accounts to show the assigned accounts.

Check this link to learn more about your payroll chart of accounts: Set up and configure payroll chart of accounts.

Keep me posted if you have concerns or questions. I'll get back to help you the best that I can.