Superannuation

Question

Hi, I am self-employed and I pay the super on my Bank account from the Company Account. As I pay weekly my wages and super, I am confused on what categories does the transaction fall. My two frequent transaction are Wages and Super payment.

I have been advised by one of my friend the following;

Wages & Salary- Electronic clearing account
Superannuation payment- superannuation payable

I noticed on Dashboard the Superannuation payable is increasing on every transaction. Please advise the right categories for these two frequent transactions and advise me the possible way to correct the errors.

Thank you

doreen_p · Answer

Hi there Bindas,
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Thank you for choosing MYOB! If you're referring to the linked account to use for wages/salary and superannuation, it would still be best to check with your accountant which account to use. You can also check this link for more information with wages and another link for superannuation.
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Best regards,
Doreen

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