This Wages & PAYG help note is the next in a series on Financial Settings. A big chunk of your Cashflow Forecast and Balance Sheet budget is calculated for you in Calxa by using your Profit & Loss budget and the account and timing selections you make in Financial Settings.
Many of these account selections can be accurately made by Calxa when creating or updating your organisation data. The Financial Settings allow you to review and revise these nominated accounts and select payment schedules and rates where applicable.
- To review and edit your Wages & PAYG settings click on My Workspace -> Settings -> Wages & PAYG.
The wages accounts you select will be used to calculate your PAYG withholding liability. The sum of all nominated wages accounts and the wages tax percentage will be used to create the PAYG withholding budget.
The Wages & PAYG Settings screen looks like the image shown below.
Nominate all wages accounts from the drop-down.
Next set the wages tax withheld percentage. Calxa sets the wages tax amount to 25% by default. For best results take an annual average of your wages tax and set the value accordingly.
If multiple wages accounts are used and you would prefer to set separate tax rates for each account you may exclude them from the nominated accounts and manually set the Cashflow Type in Cashflow Settings in the desktop app. Please refer to the Cashflow Settings section of Preparing a Cashflow Forecast for details on how to do this. The Cashflow settings screen is coming soon to the online app.
The PAYG withholding account is used to calculate the amount of withholding for wages tax. Select the appropriate liability account from the drop-down.
Finally, select the schedule that reflects when you pay your PAYG.
You can create a custom schedule if needed via the desktop app which will then be available for use in the online app. Please refer to Cashflow Schedules at the end of Preparing a Cashflow Forecast for details on how to do this. Custom cashflow schedules are coming soon to the online app.
Click the Save Changes button at top right after you complete your selections.
Want to learn more? Have a look at the other help notes in the Financial Settings series:
Bank & Trade Accounts