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Michelle- Product Champions
Level 2

Enter Pre-tax Salary Sacrifice super Deduction (RESC) Opening Balance and Automate it in every Pay Run.

I have just moved my financial data over to Quickbooks, Please show me how can I record Pre-tax Salary Sacrifice super Deduction (RESC) for my employees as opening balance and then automate to $100 as a fixed amount in every payrun.

Solved
Best answer April 24, 2020

Best Answers
Michelle- Product Champions
Level 2

Enter Pre-tax Salary Sacrifice super Deduction (RESC) Opening Balance and Automate it in every Pay Run.

Set up a recurring deduction on the employee's Pay Run Inclusions page - to do this go to the employee's record...

 

1. Go to the Pay Run Inclusions page.
2. Click on Add in the Deductions section.
3. Select Salary Sacrifice to Super as the type of deduction.
4. Select the way the amount will be arrived at.
5. Enter the $ or % amount ($100 in this case).
6. Set the payment method to pay a super fund (and select a fund from the drop down menu)
7. Choose the effective from date.
7. Hit Save.

View solution in original post

Sapan - Product Champion
Content Creator

Enter Pre-tax Salary Sacrifice super Deduction (RESC) Opening Balance and Automate it in every Pay Run.

If you are migrating from another payroll system and have recorded RESC payments in your old system, you can set RESC payments in the employee opening balances by following these steps:
 
1. Open the employee file that you wish to apply the RESC amounts to and click on the "Opening Balances" menu item on the left hand side
2. If you want to record RESC payments that were over and above the SG amount but weren't salary sacrifice deductions (ie. you/the employer, paid the super, it wasn't deducted from the employee's earnings) you can enter the total of these payments on the Super & PAYG tab, in the "Employer Super Contributions" section
3. If you want to record RESC payments that were made as part of a salary sacrifice arrangement (these amounts were deducted, pre tax, from the employee's earnings), you can do so on the Deductions tab in the Opening Balances.
**NOTE: For deduction amounts to appear as RESC amounts on the income statement they must be a pre-tax or salary sacrifice deduction and have the RESC check box ticked (edited) 
 
 
Set up a recurring deduction on the employee's Pay Run Inclusions page 
To do this go to the employee's record, then
  1. go to the Pay Run Inclusions page
  2. click on Add in the Deductions section
  3. select Salary Sacrifice to Super as the type of deduction
  4. select the way the amount will be arrived at
  5. enter the $ or % amount ($100 in this case)
  6. set the payment method to pay a super fund (and select a fund from the drop down menu)
  7. choose the effective from date
  8. hit Save

View solution in original post

2 Comments 2
Michelle- Product Champions
Level 2

Enter Pre-tax Salary Sacrifice super Deduction (RESC) Opening Balance and Automate it in every Pay Run.

Set up a recurring deduction on the employee's Pay Run Inclusions page - to do this go to the employee's record...

 

1. Go to the Pay Run Inclusions page.
2. Click on Add in the Deductions section.
3. Select Salary Sacrifice to Super as the type of deduction.
4. Select the way the amount will be arrived at.
5. Enter the $ or % amount ($100 in this case).
6. Set the payment method to pay a super fund (and select a fund from the drop down menu)
7. Choose the effective from date.
7. Hit Save.

View solution in original post

Sapan - Product Champion
Content Creator

Enter Pre-tax Salary Sacrifice super Deduction (RESC) Opening Balance and Automate it in every Pay Run.

If you are migrating from another payroll system and have recorded RESC payments in your old system, you can set RESC payments in the employee opening balances by following these steps:
 
1. Open the employee file that you wish to apply the RESC amounts to and click on the "Opening Balances" menu item on the left hand side
2. If you want to record RESC payments that were over and above the SG amount but weren't salary sacrifice deductions (ie. you/the employer, paid the super, it wasn't deducted from the employee's earnings) you can enter the total of these payments on the Super & PAYG tab, in the "Employer Super Contributions" section
3. If you want to record RESC payments that were made as part of a salary sacrifice arrangement (these amounts were deducted, pre tax, from the employee's earnings), you can do so on the Deductions tab in the Opening Balances.
**NOTE: For deduction amounts to appear as RESC amounts on the income statement they must be a pre-tax or salary sacrifice deduction and have the RESC check box ticked (edited) 
 
 
Set up a recurring deduction on the employee's Pay Run Inclusions page 
To do this go to the employee's record, then
  1. go to the Pay Run Inclusions page
  2. click on Add in the Deductions section
  3. select Salary Sacrifice to Super as the type of deduction
  4. select the way the amount will be arrived at
  5. enter the $ or % amount ($100 in this case)
  6. set the payment method to pay a super fund (and select a fund from the drop down menu)
  7. choose the effective from date
  8. hit Save

View solution in original post