Returned Super contributions

Experienced Cover User STONE
101 Posts
Experienced Cover User
Australia

Returned Super contributions

 I  have the  notes  on  Returned Super  funds.  However,   The  PayRoll in super is  correct.  why would i need to reverse these.  All  i wish to do is  re-submit the  returned  funds  back on the Super Portal, so the  funds can  go to  employees  correct  super account.  I suspect Super  details were  incorrect.

I have now  update the  employees  super details in myob.  I  just want to resend  the  money.

 

On the bank side,  when the funds  hit our  account, i created  a  Journal  to  DR  bank, and  CR  Super Liability account.

 

any suggestions  ??

thanks

Stone.

5 REPLIES
MYOB Moderator Neil_M
4,746 Posts
MYOB Moderator
New Zealand

Re: Returned Super contributions

Hi @STONE

 

Thanks for your question.

 

When you receive a returned superannuation contribution, the process to resubmit the contributions does vary slightly depending on the version of AccountRight you are using. The superannuation contribution transaction needs to be reversed, to recreate the individual contributions to resubmit them.

 

Reversing the superannuation contribution transaction, and not the payroll transactions themselves will put the full amount of the contribution back into your bank account. The contributions that were processed successfully can then either be done through the Pay Liabilities window in either version, or if you are using AccountRight v19  then the successful contributions can also be processed by ticking the transactions through the Save Super Contributions file and the saved file is simply deleted and not uploaded to the MYOB Super Portal.

 

This reprocessing of the successful contributions when offset against the reversal bank entry will leave you with the net result of the returned contribution amount coming back into your bank account. This will match your bank statement and when you reprocess the returned superannuation contributions, that amount will come out of your bank account and as a result will also match up to your bank reconciliation.

 

Do let us know how you get on with this,



Kind regards,
Neil
MYOB Client Support
Experienced Cover User STONE
101 Posts
Experienced Cover User
Australia

Re: Returned Super contributions

Hi  Neil, thank you;.  OK   i see.   I will  try to reverse  the  Super  trans (  how ,  not sure yet).  So   the lot  needs to be reversed,  not  just the returned employees.

 Then  , you say  to process the successful contibutions only,  and  the variance will appear on bank  account.   So, then  i  need to  reprocess the  returned ones also,  and load  that file  back  on MYOB  super portal.( am using  Live2016 version).

I have never used the Pay Liabilities  window.     Do  i rerun  two  files.   one for  the  staff  who  i have super  already.  and one  for the staff  that we still  need to be pay?  ( returned funds).

cheers

 

MYOB Moderator Neil_M
4,746 Posts
MYOB Moderator
New Zealand

Re: Returned Super contributions

Hi @STONE

 

Our help article, Reversing a transaction , does discuss how to reverse a transaction. In this case, you would need to locate the superannuation payment transaction and reverse that.

 

In regards to the overall process, the help article Reversing and reprocessing superannuation payments does step through the process from start to finish. For the staff that have already had their superannuation contributions submitted successfully their contributions are processed through the Pay Liabilities Window. For staff who have had their contribution returned, those contributions need to be reprocessed through the Pay Superannuation window.



Kind regards,
Neil
MYOB Client Support
Experienced Cover User STONE
101 Posts
Experienced Cover User
Australia

Re: Returned Super contributions

Thanks  Neil,   I  tryed  to  look  up in help, the  notes  for V19,  as  links  you sent me above,  I  dont seem to  see  Manage  Payments , under the   Payroll  Command  centre  in V19. ?

thanks

Stone

MYOB Moderator Neil_M
4,746 Posts
MYOB Moderator
New Zealand

Re: Returned Super contributions

Hi @STONE

 

Are you able to clarify which version you are using, as in your previous post you mention that you are using AccountRight Live 2016, which is different to AccountRight v19.

 

In AccountRight v19, you would need to locate and reverse the superannuation transaction through either the Find Transactions or Transaction Journal windows. Once reversed then as mentioned in my previous post, if you are using AccountRight v19 then you will need to run two files. One will be the successful contributions that gets deleted and not uploaded to the MYOB Super Portal, and the other will contain the resubmitted contributions that gets reuploaded to the MYOB Super Portal



Kind regards,
Neil
MYOB Client Support
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