The superannuation provision balance is derived from the amounts set aside as part of each
pay cycle. If adjustments need to be made for whatever reason, additional
superannuation journals can be posted. The provisional balance is calculated up to and including the specified date (usually the end of the current quarterly period). The figure includes both employer contributions and payee (voluntary) contributions.
The superannuation activity supports two modes of operation:
- Multiple payees
Use this option to generate separate payments to each member's superannuation fund. Payment details for the fund(s) are retrieved from both the superannuation fund contacts as well as the payroll settings for the members. Changes to this information made via the activity will be reflected in future payments.
Payment aggregation will be exploited where possible, but since most funds are paid by cheque or BPay, individual tasks are likely to be created for each member. These tasks can be enqueued if the member running the activity will also be responsible for processing the payments.
- Single payee
Use this option to generate a single payment to a superannuation clearing house or escrow company, effectively ignoring the members' individual superannuation fund details. In this mode, the payment transaction will be created pending authorisation (allowing all details to be reviewed before proceeding).
In accordance with regulatory requirements, ContactsLaw can automatically generate notification tasks to advise members when their super funds are paid.
The superannuation activity only supports a single step
workflow; drafts cannot be prepared as the activity simply produces transactions and stores no additional information.