QuickBooks Super Guarantee reporting feature

Legacy KB ID: 1365

Question

How does QuickBooks 2003 support my super obligations under the new government's new super laws

Answer



QuickBooks Super Guarantee reporting features




Since Quicken released QuickBooks 2003, the government has introduced laws that specify how and when employers must pay superannuation. To help you with meeting your superannuation obligations, Quicken has introduced a new technical update with tools to support meeting the new requirement.


What are the new requirements?


From 1 July 2003, each employer needs to:





How can I use QuickBooks to meet my superannuation payment obligations?


After installing the Super Contribution Technical update, you’ll be able to meet your superannuation obligations by doing the following:





These four steps are described in detail under the following headings.


Have QuickBooks calculate your super contribution for each eligible employee automatically


To have QuickBooks calculate super you need to add the default "Super" payroll item to each employee’s record for which you need to make a superannuation payment. You then need to update the Super details in the employee’s record.



















When you do a payrun, QuickBooks will calculate the amount of money being paid through each payroll item selected for super. QuickBooks will then multiply each by 9% and total these for inclusion as the super instalment.


Note: You can add Super to your Employee default so that when ever you create a new employee, the Super payroll item will be included by default. To do this select Edit > Preferences > Payroll and Employees. However, you will still need to enter super details for each employee individually.



Pay the amount so that it is reflected in QuickBooks



Use QuickBooks to print a liability cheque for your super liabilities.




















Generate a report for your employees



The Tax Office requires you to provide employees with details of:






Once making the contribution, you can run the new Super Contribution report from QuickBooks and/or have your pay slips include super details required by the government for reporting purposes.



Reporting by the Super Contribution report



To run a Super Guarantee report:

























Reporting by payslip



If you make super contributions to super funds at the same time as you issue your payslips, you can choose to report these through your payslips. Payslips are now set up to include the name of the super fund and the super fund number.


However, you need to make sure that:


How did we do?

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