How do I report a FBT amount on my Payment Summary, I use QuickBooks 2007/08?
The FBT year is the 12 months beginning 1 April and ending 31 March. in QuickBooks 2007/08 you need to enter the FBT amount between 01 July and the end of June.
To report FBT for the 2008/09 financial year, the FBT should be entered between the 1 July 2008 and 31 June 2009.
Setting up the item:You will need to create (if you already do not have one) a dummy Bank Account, calling it Payroll Clearing Account.
Go to the Payroll Item List and select New. Follow the prompts at each window, as described below.
Payroll Item Type:
Choose the Employer Contribution item type.
Name Used In Payments & Payroll Reports:
Select a suitable name (e.g. FBT).
Fund or Agency for Employer Paid Contribution:
Agency - you can leave this blank;
Payroll Liability Account - the dummy Payroll Clearing Account
Expense Account - the dummy Payroll Clearing Account.
Tax Tracking Type:
This needs to be assigned to Reportable Fringe Benefits. QuickBooks will now show all amounts assigned to this item under the Reportable Fringe Benefits section of the employee's INB Payment Summary.
Untick PAYG so that PAYG tax isn't calculated on the FBT item.
Calculate Based On Quantity:
Leave this check box unticked.
Gross vs Net Window:
Leave the Gross Pay radio button selected. Note that any selection in this window is not relevant as the FBT amount will be manually recorded.
Default Rate & Limit:
Leave both of these fields blank, you will be manually entering the FBT amount when Processing the pay.
Monthly Minimum Threshold & Super Type:
Leave the threshold field blank, select None as the Super Type.