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Thanks for the vid this helped me understand where i should be putting the bank feeds for payment. I do the gst on xero but make payments through the bank manually. I was reconciling into the wrong accounts. In the bank feed theres two employees and their names individually. The payruns have both of the employees figures together. So on the bank feed it’s different.
Thank you for the who in generated payroll. We do trades inbound sales, wondering if you would be interested in supporting some of our clients with their bookkeeping and accounting needs?
Sure. When you post a pay run the total amount of super will go to the liability account on the balance sheet and will remain a liability until you pay the amount and reconcile it in your bank feed. When you post the pay run the total amount will also go to the expense account so it shows up on your P&L even if you haven't paid for it yet,
Thanks for the video, can you explain what the pension posting would be? The EE and ER portions and how to reconcile the payment from the bank? I'm in the UK btw. Thanks!
Hi Mark - I've paid my first Super batch payment to the clearing house for all 5 employees (multiple super funds) and all processed ok. To reconcile this batch payment everything I have found online is only for single super fund (i.e. create "who; superfund, what; 826, why; Q4 super payments) but not for multiple.... do I have to split this batch into the individual funds? Or should I create a clearing house contact to reconcile the entire amount to? Or is it best to filter future quarterly super payments by super fund before processing the batch? I feel there must be a simpler way to do this....
When you make the payment you should have the money go out of your bank account as one payment. That way you only have to reconcile one payment in your Xero bank account feed.
