How do I review my payroll categories?
The fifth step in the MYOB Payroll Easy Setup Assistant asks you to review your payroll categories. This rather sweeping request is a little daunting for those still unfamiliar with payroll, so for the time being, you may want to leave the payroll categories list just as it is. You can then return to this list in a couple of weeks’ time, deleting old categories that you don’t need or adding new ones that you do.
However, if you want to go through your payroll categories at this point, the table below offers a summary of what fits where.
Payroll categories and what they mean- Wages Wages include all money that an employee receives, such as normal pay, holiday pay, sick pay, allowances and bonuses.
- Superannuation This payroll category includes all types of superannuation, including additional employee or employer contributions and salary sacrifice.
- Entitlements Entitlements are the things you owe to your employee, such as holidays due, sick leave entitlements, accumulated rostered days off or long service leave owing.
- Deductions Deductions include any money you take away from the employee and give to someone else, such as union fees, loan repayments or child support.
- Expenses This payroll category is only used if you want to track employment-related expenses such as workers compensation. In practice, you don’t usually need this kind of payroll category.
- Taxes You know what taxes are! This category is used for PAYG tax only.
The contents from this page are taken from Making the Most of MYOB Payroll, 2nd edition, by Veechi Curtis, available online for only $19.95 << Back to MYOB Payroll page
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