Bookkeeping for Dummies by Veechi Curtis

Author:Veechi Curtis
Language: eng
Format: epub
ISBN: 9780730384793
Publisher: Wiley
Published: 2020-07-15T00:00:00+00:00

The principle of paying these liabilities is similar to that of paying PAYG tax and superannuation: All of those listed are amounts that you withhold from an employee’s pay, and which you are then obliged to forward to a third party. In each instance, you’re responsible for accounting for these liabilities carefully to ensure that you always pass on the exact amounts deducted from an employee’s pay.

Ensuring You Pay the Right Amounts

As I mention in the introduction to this chapter, much of the art of being a good bookkeeper is the time you take to double-check that your figures are correct. In the next section of this chapter, I explain the principles of how payroll software keeps track of superannuation and tax liabilities, and how to double-check that the payments you make are correct.

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