Superannuation Payable Overview
Superannuation is both a compulsory and voluntary system of attributing a percentage of your income into a fund – or in some tax jurisdictions referred to as a pension fund – to support your financial needs after retirement. Your funds are typically invested in a range of assets, equities, listed property trusts, treasuries, bonds and cash etc. to help grow your balance so you can have the best possible outcome in retirement.
The SapphireOne Superannuation Payable feature provides a facility to view and manage your organisations Superannuation payment status and requirements for all employees.
This feature is located at Payroll > Payroll > Superannuation Payable.
Substantial changes have been made to the Superannuation laws over time in Australia and internationally. Please check the laws of your relevant Tax jurisdiction and/or with your accountant for the current reporting and payment periods applicable to your organisation within the particular Tax Jurisdiction you may be operating within. You have the ability to run unlimited companies and tax jurisdictions within your SapphireOne data file.
It should also be noted that the reporting and payment periods will also vary from company to company and that Superannuation Payments are set up in an Employee Inquiry.
Superannuation Payment Procedure
There are two options to pay superannuation.
- Go to Accounts > Payables > Payments and use the procedure as documented in the Accounts Reference article. The procedure for making these payments is the same for all Vendors. The documentation for this procedure can be found in the Vendor Payment article.
When using this method the user will have to make the payments on an employee by employee basis. Each employee has a superannuation vendor and payments are allocated the same as payments to any other Vendor in SapphireOne. Vendor Invoices are created when the transactions are processed. These same Vendor Invoices will be created when the user selects the Process Payment button when using the second method here as documented below.
- Use the Pay Superannuation option from with Payroll/HR itself – Using this method the Payroll department has three options in paying superannuation. by Super Fund, by Employee or by Pay Run Number. These options are accessible from the drop-down menu in the top left hand corner of the screen.
Payment by Super Fund
This is perhaps the most common method of payment as all payments to each super fund are consolidated and a single payment is made to each fund and then split up on an employee by employee basis.
Payment by Employee
When Payment by Employee is selected and an employee is selected/highlighted in the top list window SapphireOne will display the total owing in superannuation for the employee. The lower list displays all individual amounts raised on a Pay by pay basis. The process for the selection of what to pay is then the same as for paying to a Superannuation fund as documented on the previous page.
Payment by Payrun
When Payment by Payrun is selected SapphireOne will display each Pay Run in the top window with the gross totals. Once a Pay Run is selected the individual amounts for each employee are displayed in the lower window on an employee by employee basis.
SapphireOne’s implementation of both Dictation (MacOS) and Speech to Text (Windows) is a game changer for anybody doing data entry within SapphireOne. Any data entry field that the user can type into using a keyboard, they can use this feature.
They can also use this functionality on all inquiry screens within SapphireOne. For example, the user is in a Contact within a Client and they have just made a phone call to that particular client using the Softphone technology, this will automatically date and time stamp the contact and the phone number you called to. As soon as the call is completed or finished, the user has the ability to use the Speech to Text (Windows) function or Dictation (MacOS) function and dictate into the memo field of the CRM contact, adding as much description as they require.
This functionality applies across every single Data Entry screen. For example, if the user is entering a Vendor Invoice (VI) and they want to add a memo within the Vendor Invoice (VI), the user can simply dictate the memo. Another example is if the user wants to add additional lines to the General Ledger account, within each General Ledger account when the user is completing data entry using a General Ledger, there’s always a unique memo field for each General Ledger account line, the user can utilise this feature to quickly add the information they need to add. Additionally, if you’ve got an interview with an employee and after the interview process is completed the user is able to make notes about the employee.
Speech to Text or Dictation is an extremely powerful tool and it’s something that we at SapphireOne as well as our clients utilise daily. It is a massive timesaver.
- The Mark/Unmark buttons provide the user with a quick means of making some common selections. These buttons only work when an item in the lower list is selected.
- Selection of the radio button determines if the payments are to be merged and totalled in to a single payment. (Payment by Parent, Payment by Vendor or Payment by Transaction).
- Once the Process Payment button is select the payments will be processed by the creation of the applicable VI’s in Accounts mode.
- The transactions if created from this window must be posted in Accounts mode.
- You may select the Superannuation to be paid by individually selecting the checkboxes in the Pay When Process column or alternately using the Mark/Unmark buttons to batch select/deselect records as required.
- The upper window displays the totals currently owing for each superannuation Vendor while the lower list displays the amounts raised for each employee on a pay by pay basis.
- By default, the Superannuation Fund’s total unpaid accrual is displayed. This can be broken down by Employee or Pay Run with the use of the drop-down menu.
When using the bulk marking buttons to select items for payment SapphireOne may not have enough screen real estate to display the complete list in the lower window. The user should always scroll down through the list to make certain that all items have been marked correctly.
Generating EFT file for Superannuation from Payroll/HR mode
The generation of Payments and an EFT file for these payments in SapphireOne is a two-step process.
- In Accounts mode the process is partially automated in that the selection of the Print option results in SapphireOne automatically suggesting the selection of a bank account to use when generating the EFT file.
- Then selecting a bank account automatically displays a screen with the generation of an EFT file as one of the options.