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How do I enter a Tax adjustment
You may receive notification from the Tax office that a variation applies to the amount of Tax that is to be withheld for an employee. The Tax variation may be to increase or decrease in the amount of tax to be withheld. The amount of the variation is usually a dollar figure for the year.
To apply this to the employee's salary you will need to use a Tax Adjustment Transaction.
If you don't already have a Tax Adjustment code set up in Pay2k you can set one up as follows:
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Go to MAINTENANCE > TRANSACTION TYPES
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Add a new Transaction with a code and description that lets you know the transaction is a Tax Adjustment
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Click on SAVE
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Set the category as TAX ADJUSTMENT
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Make sure that the MULTIPLY BY RATE is unticked
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Set the FACTOR as 1. This allows you to use the adjustment with multiple employees.
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SAVE the record
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To enter the GL codes for the transaction:
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Click on VIEW and then on EDIT
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Use the TRANSFER TO GL BY DEPARTMENT tick box to select whether you are transferring the information on a whole payroll basis or a department by department basis
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Enter the GL Debit and GL Credit codes as appropriate
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Click on SAVE
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The next step is to add the Tax Adjustment code to the Autopay:
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Go to the AUTOPAY record for the employee
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Click on EDIT and add the TAX ADJUSTMENT CODE to their record
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In the HOURS field, key in the value that the Tax per pay period is to be adjusted by.
To increase the Tax the tax adjustment is entered as a positive amount.
To decrease the Tax the tax adjustment is entered as a negative amount.
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SAVE the changes to the AUTOPAY
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Putting the Tax adjustment on the Autopay means every week when the pay is processed the value of the tax adjustment will be automatically entered for the employee.
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For more information, please contact:
Heather McKay
Human Edge Software
Phone: +61 3 9690 5004
Fax: +61 3 9690 2802
Email: pay2k@human-edge.com.au
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