Hi,
I am trying to clear out these liabilities which have already been paid and under created under payments. I just cannot zero these out without impacting the Assets which is currently correct.
I am using the desktop free version of manager io.
When you recorded the payment, you should have posted the amounts to the liability account. THis will clear the liability.
I have posted the amounts to the liability account and the bank reconciles but under liabilities, it still appears as if it has not been paid.
Please show the edit screen of the payment
You need to post the full screen - thanks
That looks correct
The payment has Credited your bank account with 6,204 and debited your liability account PAYG with 6,204
As a liability account shows the amount owed by the business - but in case case you have debited the account so it shows up as an amount owed to the business, hence the negative -6,204
What is your PAYG account - I am not Australian so I am not up to speed on your nomenclature
At first glance it looks like your payroll transactions are not going to the correct accounts
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PAYG is Pay As You Go that is for income tax withheld by an employer on wages paid to employees. When you set up your business file if you selected Australia as a country it would have automatically created the required Payslip items under Settings including the PAYG liability account after you enable Employees and Payslips when you customize the file. When you create a payslip it allocates the PAYG withheld to the liability account. It appears you have missed some required steps in your set up because you are paying a liability that has not been created.
thanks Tony, looks like that is the issue. Any way of rectifying it now?
