Results 1 to 3 of 3

Thread: Posting Salaries and SARS deductions

  1. #1
    Email problem
    Join Date
    Jul 2013
    Location
    Durban
    Posts
    7
    Thanks
    3
    Thanked 0 Times in 0 Posts

    Posting Salaries and SARS deductions

    Hi All, I am aware that salaries should be posted along with SARS so that the nett salary is shown in the expense acc and the SARS deductions are shown as a liability until [aid. I have a situation where my predecessor has been posting the salary straight out the bank statement and not been posting the SARS bit as a liability. Once the SARS amount is paid on the 7th of the following month is has been captured as an expense. This is a problem now as for the year end financials we need to have the SARS amount reflecting as a liability. Any suggestions on how to sort this out without having to redo everything from day one?
    Many thanks.

  2. #2
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    Accrue the SARS payment.

    Debit salaries credit accruals

    Reverse the accrual 1/03/2014

    Hi All, I am aware that salaries should be posted along with SARS so that the nett salary is shown in the expense acc and the SARS deductions are shown as a liability until
    Actually what you should be doing is debiting the expense account with Gross salaries and company contributions and crediting liabilities, then debiting payments made to the liabilities. This will improve the quality of your monthly reporting. Perhaps that is what you meant.

  3. Thanks given for this post:

    Morkelp (07-Mar-14)

  4. #3
    Email problem
    Join Date
    Jul 2013
    Location
    Durban
    Posts
    7
    Thanks
    3
    Thanked 0 Times in 0 Posts
    Thanks very much. Yes sorry get tongue tied when typing. Much appreciated!!!!

Similar Threads

  1. Posting inventory figures in pastel
    By Sai2 in forum Accounting Forum
    Replies: 0
    Last Post: 20-Feb-14, 11:29 AM
  2. [Question] POsting vat refund on Pastel
    By TracyWilliams in forum Accounting Forum
    Replies: 2
    Last Post: 18-Feb-14, 03:00 PM
  3. [Question] Customer Receipt posting difficulties
    By Yvon in forum Accounting Forum
    Replies: 9
    Last Post: 18-Nov-13, 06:40 PM
  4. Posting images
    By adrianh in forum General Chat Forum
    Replies: 1
    Last Post: 07-Mar-13, 12:39 PM
  5. Last posting not in thread.
    By Vincent in forum Administrative issues
    Replies: 3
    Last Post: 07-Jan-08, 11:38 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •