Zone Relevance: AU (Australia)

When you enter a Payroll transaction that contains an SGC (Superannuation Guarantee Contribution) Super amount, Saasu puts the money owed to the employees super company against a Loan: Employee SGC Super Payable Account. We do this because the employer now owes the employee this SGC Super in the form of a liability to the employees nominated super company. At the same time Saasu puts the same amount of money against the Expense: Employee SGC Super Account. We do this because the employer has incurred an expense (despite not having paid for it yet).

When you make a payment to the employee’s superannuation fund, you need to clear the Loan: Employee SGC Super Payable Account by selecting it when you choose the Account for that purchase invoice or journal entry. The effect being it clears away this Loan Account (Liability).