Salary, Superannuation, Payroll Tax, PAYGW Tax and BAS payments
PayVu will add entries in the respective chart of accounts used for each of the payment types (Salary, Superannuation, Payroll Tax, PAYGW Tax and BAS), when a payment has been recommended for payment in PayVu.
In the example below, the salary payment paid via PayVu on 20 July 2020 has been added in the Wages Payable – Payroll account.
A manual journal entry will be created by PayVu for the salary payment in Xero.
An entry for the payments will also be added in the PayVu audit account.
For example, the entry for the Salary payment of $484.00 paid on 14 July 2020 via PayVu is shown below.
PayVu will create an aggregated invoice in the Paid tab to record the salary payment including the PayVu fees of $0.01 (minimum).
PayVu payment entries will be available for reconciliation against the relevant transaction bank account as shown below.
After the bank statements have been imported or downloaded, the PayVu payments can be reconciled manually via Xero.
The example below shows a payment of $0.51 which has a record in the bank statement as well as in Xero, added by PayVu.
If the items match, click on OK and these reconciled items will be marked as Reconciled in Xero.