Difference between revisions of "6 Liabillity Accounts"
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Revision as of 09:07, 30 June 2011
Liability Accounts
Why are the liability accounts separate from the expense accounts?
Liability Accounts - These are the payments that are to be paid to the various suppliers, including the tax office. DO NOT Use these accounts in the BAS/VAT
Deductions Liability - Amounts that need to be paid for any deductions taken from the employee ie union fees etc Leave Liability - Amounts accured for any Leave type that are to be paid to the employee when that leave type is taken Allowances Liability - Amounts that need to be paid for any allowences given to the employee ie travel allowence etc Super Payable - Amounts that need to be paid to the employees super fund PAYG Tax Payable - Amounts that need to be paid to the Tax office.
