Forum Discussion

koulis123smash

Cover User

4 years ago

Re: MYOB not calculating the 10% super correctly.

I've changed the superannuation category to 10% and MYOB is calculating 10.5%.

I have now decided to enter each one mannually

Tracey_H
4 years ago
Hi koulis123smash

Thanks for your post. Super is calculated on a monthly basis like this:

The amount of pay for the month MULTIPLIED by the current super rate MINUS super already calculated for that month.

This means that if you have processed a pay with the payment date in July and super rate at 9.5% then change the rate to 10%, the software adjusts the super calculation for the next pay so that 10% is accrued for the whole month. This will be why your second July pay is calculating at 10.5%, to make up for the 0.5% shortfall in the first week.

You don't need to make any super adjustments going forward as the software has done it for you. You can check by running the Payroll Activity detail report for the month of July and making sure that super is 10% of OTEs.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

koulis123smash
Cover User
4 years ago
My payroll is weekly from 1/7/21 - 7/7/21 and MYOB is still not calculating exactly 10%
- Tracey_H
  Former Staff
  4 years ago
  Hi koulis123smash
  
  Thanks for your post. Super is calculated on a monthly basis like this:
  
  The amount of pay for the month MULTIPLIED by the current super rate MINUS super already calculated for that month.
  
  This means that if you have processed a pay with the payment date in July and super rate at 9.5% then change the rate to 10%, the software adjusts the super calculation for the next pay so that 10% is accrued for the whole month. This will be why your second July pay is calculating at 10.5%, to make up for the 0.5% shortfall in the first week.
  
  You don't need to make any super adjustments going forward as the software has done it for you. You can check by running the Payroll Activity detail report for the month of July and making sure that super is 10% of OTEs.
  
  Please let me know if you need further help.
  
  If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
  - Bridge1
    Experienced Cover User
    4 years ago
    Hi.
    
    This still doesn't seem right. We process pays weekly. Today is our FIRST pay for the month/financial year and the super is calculating the 10.5%. If one of these employees were to resign tomorrow, then they are entitled to the accrued 10.5%.
    
    Will this happen every month?
    
    Please advise urgently.
    
    Thanks.