Wages and Superannuation

Wages and Superannuation

Purpose

Although wages and superannuation are calculated in your wages package, they also need to be processed in COSTAR to account for the financial transaction as soon as they are paid to employees. Reports from your payroll system should be used as the 'source' document for entry into COSTAR. It is advisable to account for the compulsory superannuation at the same time to ensure your financials are completely up to date. This help file steps you through a wages and superannuation entry using the sample source document below:


Processing the Wages

  • Click on Suppliers
  • Click on Manual Cheques
  • Click on New
  • Enter the SuppliedTotal (this is the amount that came out of the bank - usually the Net Wages)
  • Click on Entries
  • Enter the appropriate ManualCheque# (e.g. bank transfer reference number)
  • Enter a Description
  • Set the Date the wages were paid
  • Enter the amount that came out of your bank account (e.g. net amount)
  • Select the appropriate Bank G/L
  • Move to the Distribution area
  • Change the amount on the first line to be the Gross amount of wages
  • Move to the GL field and code to the appropriate Wages GL code
  • Delete the G for GST
  • Type in the amount of the PAYG on the next line as a negative amount
  • Move to the GL field and code to the appropriate PAYG GL Code
  • Delete the G for GST
  • Type in the amount of the Superannuation on the next line as a positive
  • Move to the GL field and code to the Superannuation Expense GL Code
  • Delete the G for GST
  • When you move to the next line the amount of the Superannuation should appear as a negative
  • Move to the GL field and code to the appropriate Accrued Superannuation GL Code
  • Delete the G for GST
  • Continue processing or click Back and Post the batch 

 

Paying Superannuation Funds

The payment of the superannuation to the Superannuation Funds is also processed in Costar.
  • Click on Suppliers
  • Click on Manual Cheques
  • Click on New
  • Enter the Supplied Total
  • Click on Entries
  • Enter the appropriate Manual Cheque# (e.g. bank transfer reference number)
  • Enter a Description
  • Set the Date
  • Enter the amount that came out of your bank account
  • Select the appropriate Bank G/L
  • Move to the Distribution area
  • Move to the GL field and code to the Accrued Superannuation GL Code
  • Delete the G for GST
  • Continue processing or click Back and Post the batch 

      


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