What is Behind The Scenes?
Behind the scenes gives our customers and understanding about what Saasu does automatically when you create transactions or perform tasks.
Sample Australian (AU) Payroll Transaction
Person Earning $1,000 per week from which some tax is removed that is payable to the Australian Taxation Office (PAYG Withholdings). This is done via a Business Activity Statement. 9% SGC Super is also calculated that becomes payable to the employees superannuation fund. We have used a fairly commonly used ATO tax calculation called “Scale 7: With Tax Free Threshold and No Leave Loading”. Saasu creates the following entries when you enter this Payroll transaction:
Employment Expense
| Account | Debit | Credit | Tax Code |
|---|---|---|---|
| Asset: Business Bank Account | 803.00 | ||
| Expense: Employee Base Pay | 1000.00 | W1 | |
| Expense: Employee PAYG | 197.00 | W1, W2 |
PAYG Payable
| Account | Debit | Credit | Tax Code |
|---|---|---|---|
| Expense: Employee PAYG | 197.00 | W1 | |
| Loan: Employee PAYG Payable | 197.00 |
Super Payable
| Account | Debit | Credit | Tax Code |
|---|---|---|---|
| Expense: Employee SGC Super | 90.00 | ||
| Loan: Employee SGC Super Payable | 90.00 |
How Does It Look In Reports?
Profit and Loss
| Account | |
|---|---|
| Expense: Employee Base Pay | 1,000.00 |
| Expense: Employee SGC Super | 90.00 |
Balance Sheet
| Account | |
|---|---|
| Loan: Employee PAYG Payable | 197.00 |
| Loan: Employee SGC Super Payable | 90.00 |
Business Activity Statement
| Tax Code | |
|---|---|
| W1 | 1,000.00 |
| W2 | 197.00 |
