Hello. I am a self-employer artist operating as a sole trader. How do I best record personal super contributions that are made monthly?

Read this thread.

https://community.myob.com/t5/forums/forumtopicprintpage/board-id/Accounting_Software_General/messag...

Thanks so much

Hi, 

The link doesn't work anymore. 

Im a soletrader and not sure how to enter my super contribution. 

thanks

Hello therunningpod,

Are you referring to how to record a superannuation expense for your business? If so, in QuickBooks Online you can either create an expense transaction and allocate it to a Superannuation Expense account or use the payroll feature to automate super contributions.

To create an expense transaction:

1. Click on the +New button.
2. Click on Expense.
3. Fill out the information like supplier, date, account details select Superannuation Expense account, and amount.
4. Click on Save and Close.

If you don't see the Superannuation Expense account, you can create it under your Chart of accounts. Here's how:

1. Click on the Accounting tab.
2. Click on Chart of Accounts.
3. Click on New.
4. Under the Account type choose Expense, and under the Detail type choose Other operating charges.
5. Under Name enter like Superannuation Expense.
6. Click on Save.

That's it! You're able to manually record the superannuation expense in QuickBooks Online. 

If you're using the QuickBooks Online Payroll feature, you can set up and automate super payments using BEAM by setting it up under your Payroll Settings page. Please check this link to learn more about How to automate Super Payments using Beam and Record Reportable Employer Super Contributions (RESC) in QuickBooks Payroll powered by KeyPay.

Feel free to comment below if you need more help. The Community is here to help you. Have a nice day!

Hi, i have the same question but need clarification. 

Im a sole trader and i set aside $75 a week from the business account  into another account to pay towards my tax bill 

how do i reconcile record this ??? 

And monthly i pay $300 into my super account via direct deposit so how do I reconcile record this ??

I don’t have staff 

Hello,

How do I add my super details to my invoice template?

Hi Alexis,

Thanks for posting in the Community!

There's a Payment details field/box in the QuickBooks Self Employed invoicing page that you can enter your super details from there to show in your invoices. 

1. Click on Invoices tab.
2. Click on Create invoice.
3. Locate Payment details field.
4. Enter your payment details from there.
5. Click on Save.

However, know that we're unable to process super payments in the QuickBooks Self Employed accounts. I recommend directly processing your super payment to your clearing house or the ATO.

Check this link for reference on how to: Create invoices in QuickBooks Self Employed.

If you are using the QuickBooks Online version, you can refer to this link to learn more about processing super payments using Beam in QuickBooks Online. 

Feel free to reply to this post if you have other questions about QuickBooks Online.