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June 10, 2024
Question

How do you process an advance payment of super guarantee (eg a payment being paid in June that will need to be deducted from the July to September SG payment?

  • June 10, 2024
  • 1 reply
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Do you make a payroll adjustment and increase the super guarantee amount in June, then do a reversing adjustment in the September quarter?  Or do you put is as a non-reportable employer contributions in June and then reverse this in the September quarter?

1 reply

June 11, 2024

Hi mrsgemcook,

 

The super guarantee amount is automatically calculated based on the finalised pay run for a specific period in QuickBooks Online Payroll. You can use the Adjust super option to make super adjustments. However, it's best to consult your accountant if it is advisable to make an advance payment and then adjust your next quarter pay run to reverse or offset the amount. 

 

To adjust the super:

 

  1. Click on the Payroll tab.
  2. Click on New pay run or open the pay run created.
  3. Click on the employee's name to show earnings and click on Actions.
  4. Select Adjust Super.
  5. Enter amount to adjust the super, enter positive number to increase contribution and enter negative amount to offset figures.

 

Feel free to leave a comment below if you have further concerns about QuickBooks Online.