Recording SuperStream payments in Reckon One

Legacy KB ID: 5456

Question

How do I process Super contributions payments to my SuperStream Gateway and clear the Super Payables account and still have one entry in my bank register to match the one entry on my Bank Statement?

Answer

Use a SuperStream Clearing Account to “pay” the Super Contributions accumulated in Super Payable.

Make a payment to your SuperStream Gateway from your normal working account.

Create a Journal to clear the bank clearing account

Reconcile the Bank transfer in your Register to the payment to the SuperStream Gateway on your Bank Statement.

 

Detailed Instructions.

  1. You will need:

    1. Bank Account – SuperStream Clearing Account

    2. Supplier – your SuperStream Gateway (eg: NAB SuperPay)

    3. Use Payroll Liabilities as a suspense account

       

  2. To see the amount of super to pay, create a report on the Super Payablel account for the paying period:

      1. Reporting > Reports Centre > Payroll > Generate Super Transactions

      2. Reporting Period:  Last quarter > refresh

      3. You will see totals per Superfund with the details of the payruns and employees.

         

  3. Clear the Super Payable

  1. Day to Day > Buying > Make Payment > Add

  2. Select Bank: SuperStream Clearing Account;

  3. Select Payable Type: Super Payable;

  4. Select Contact: Select the first Superfund to pay;

  5. Complete other details as needed

  6. On the Allocate this Money to an Existing Transaction table, in the How much to allocate column, on each relevant line, enter the amount to be paid – that is, the amount in the Balance owing column;

    Care:  select only those payments for the period being paid. 

    Eg:  at the end of July, select only payments dated 1/4 - 30/6.

  7. The total amount will appear in the Amounts field in the header.

  8. Click Save and Close

  9. Repeat for each relevant Super Fund for this clearing period.

     

  1. Pay super Contributions to the SuperStream Gateway:

    1. Day to Day > Buying> Make Payment > Add;

    2. Select Bank Account:  your normal working account

    3. Enter the date

    4. Payable Type: Accounts Payable

    5. Contact:  your SuperStream Gateway

    6. Select Payment Method: Direct Deposit for online banking (ABA files)

    7. Complete other details as needed

    8. On the Allocate this Money to an Existing Transaction table, Click on New tab;

    9. Click in the Account field and select Payroll Liabilites (acting as a clearing account)

    10. In the Amounts field, enter the total of Super payments calculated in 3 above;

    11. Click Save & Close

 

  1. Make the payment to your SuperStream provider.

    1. If using Online Banking (ABA files), Day to Day > Banking > Bank Payments > Add;

    2. Select your Bank Account – your normal working account;

    3. Adjust the Payment Date if needed;

    4. Add a reference

    5. Click Create;

    6. Click on Add payment item;

    7. Tick the Make Payment transaction for your SuperStream Gateway and any other items to be paid;

    8. Click on Select;

    9. Click on Generate file – it will download to your Downloads folder as specified by your web browser settings;

    10. upload to your bank website.

       

  2. Clear the SuperStream clearing account

    1. Advisor > Journals > Add

    2. Enter Journal Date, Summary and Amount as calculated in 3 above;

    3. On the first line of the table, select the SuperStream Clearing Account and enter the amount in 3 above in the Debit field;

    4. On the second line of the table, select Payroll Liabilities and enter the amount in 3 above in the Credit field;

    5. Check that total Debits equals total Credits.

    6. Click Save and Close.

When reconciling, the one entry to your SuperStream Gateway on your Bank Statement will have one entry in your normal working account to match. 

  

Need more help?

Ask the Reckon Community at: https://www.reckon.com/au/support/one/.


How did we do?

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About SuperStream in Reckon One
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