Understanding Superannuation Methods
To provide users with an automated method of managing superannuation information, programs are available to manage superannuation processing. Using these programs, you can automatically create superannuation payments during the payroll cycle.
We recommend, but do not require, that you use the payroll method documented in this section to manage superannuation data. However, you can use either of these methods to create superannuation payments:
Payroll method.
Using this method, you set up fund information, enroll employees in funds, and specify fund allocation information. You then process employees through the payroll cycle. The system uses the fund information to generate payments to the superannuation fund administrator automatically by creating vouchers in the JD Edwards EnterpriseOne Accounts Payable system. All required superannuation data is printed on the employee's payment advice. You can also review superannuation history online or by generating a report.
The payroll method is the most current method. This method enables users to easily comply with new legislative requirements and provides a more automated approach to superannuation management.
Manual method.
You can manually enter individual superannuation payments, or you can upload multiple superannuation payments from a spreadsheet. The data that you enter is printed on the employee payment advice slips. You can then generate reports that include superannuation payment information, which you can use to create payments to the fund administrators.
The manual method of superannuation management has not been updated to comply with recent legislation. Instead, the payroll method was created. The manual method does not enable users to:
Specify the minimum number of days that an employee must be enrolled in a fund before an employer must allow the employee to change or end enrollment in the fund.
Specify which funds are required.
Allocate contributions to multiple funds using a single deduction.
Automatically determine whether gaps or overlaps in fund allocations exist.
If the organization currently uses the manual method, we recommend, but do not require, that you switch to the payroll method. If you continue to process superannuation data using the manual method, be aware that you must manually perform many of the tasks that are automated when you use the payroll method.