Difference between revisions of "7 Liability Accounts"
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Latest revision as of 10:26, 11 December 2014
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
Super Payable - Amounts that need to be paid to the employees super fund
Leave Liability - Amounts accrued for any Leave type that are to be paid to the employee when that leave type is taken
PAYG Tax Payable - Amounts that need to be paid to the Tax office.
Allowances Liability - Amounts that need to be paid for any allowances given to the employee ie travel allowance etc
