Entered a FBT amount not showing on STP/Payment Summary for the financial year

Legacy KB ID: 2037

Question

How do I report an FBT amount on my Payment Summary in Reckon Accounts?

Answer

The FBT year is the 12 months beginning 1 April and ending 31 March.

Example:

To report FBT for the 20x0/x1 financial year, the FBT should be entered between the 1 April 20x0 and 31 March 20x1.

Setting up the item:

You will need to create (if you do not already have one) a dummy bank account - call it Payroll Clearing Account.


Go to the Payroll Item List and select New. Follow the prompts at each window, as described below.

  • Payroll Item Type:
    Choose the Company Contribution item type.
  • Name Used In Payments & Payroll Reports:
    Select a suitable name (e.g. FBT).
  • Agency for company-paid liability:
    Agency - you can leave this blank;
    Payroll Liability Account - the dummy Payroll Clearing Account
    Expense Account - the dummy Payroll Clearing Account.
  • Tax Tracking Type:
    This needs to be assigned to Reportable Fringe Benefits. Reckon Accounts will now show all amounts assigned to this item under the Reportable Fringe Benefits section of the employee's INB Payment Summary.
  • Taxes:
    Untick PAYG so that PAYG tax isn't calculated on the FBT item.
  • Calculate Based On Quantity:
    Select Neither.
  • Gross vs Net Window:
    Leave the Gross Pay radio button selected. Note that any selection in this window is not relevant as the FBT amount will be manually recorded.
  • Default Rate & Limit:
    Leave both of these fields blank, you will be manually entering the FBT amount when Processing the pay.

Once the FBT item has been set up you can select it on an Employee Pay make sure you enter the pay sometime before the end of March to reflect on this financial year.


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

Cant record a pay due to an error about invalid tax codes for the payment date.

Accruing Leave.

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