Hi,
I am auditing a fund with the following scenario regarding receiving employer contributions.
Employer processed super clearing house payment on 30 June - per payment instructions report showing date lodged 29/6/23, and the payment made stated as 30/6/23.
Per bank statements, the physical payment was received by the fund, from the ATO, on the 7th of July 2023
My question is, should the contribution be recorded on a cash basis and therefore excluded from the 2023 financials? Or should it be on an accrual basis to match the data the SBSCH has re contributions for that financial year?
Thank you.