MYOB Payroll and Employee Bonuses
Bonuses are a bit time-consuming to record, especially the first time. But here’s what to do:
- Create a new wages category called Bonus: Click Payroll Categories, followed by the Wages tab and click New. As the Wages Name, enter a description such as Bonus and as the Type of Wages select Salary.
- Select all employees who are eligible for this bonus. In the Bonus payroll category, click the Employee button to mark off all eligible employees. Click OK to return to your payroll category list.
- Consider whether superannuation applies to this bonus. If this bonus is exempt from superannuation, (and you’ll find that most bonuses usually are), click the Superannuation tab. Highlight the relevant superannuation category (you may need to repeat this process for multiple categories) and click Edit. Then click Exempt and mark your new bonus category as being exempt from super.
- Select Bonus/Commission as the pay period when processing pays. When you go to Process Payroll, in the first Select Pay Period window, select Bonus/Commission rather then weekly, fortnightly or monthly.
- Edit the Bonus amount on each employee’s pay. When you arrive at the Select & Edit Employee’s Pay window, zoom in on each employee’s pay, one by one. You’ll see Bonus listed as a category on each pay; simply enter the bonus in the Amount column.
- Adjust PAYG tax manually. See Adjusting PAYG tax on Bonuses for more about how to calculate PAYG tax on bonuses.
The contents from this page are taken from the MYOB Payroll eBook series, by Veechi Curtis, available online for only $9.95 each.
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