Overpayment of Superannuation

[Megan8]

I was advised by Help desk that in order to correct a super payroll category I had to :

1. undo a bank rec

2. reverse super payment (in its entirety)

3. redo pay

4. reprocess super (even though it had already been accepted by super funds)

In doing so I incorrectly authorised/paid it through the bank.

So we have now paid super twice for the month.

How do I process the overpayment into MYOB? At the moment the super accounts look fine except that I have an additional withdrawal in my bank account.

[Tracey_H]

Hi @Megan8 

Thanks for your post. You should have two pay super transactions to match with the two bank withdrawals. If the super funds are returning the overpaid amounts you can match the reversal with the refunds.

If you do need to reprocess already paid super payments, record a Pay Liabilities transaction instead of Pay super. This will record the payment transaction and remove the amounts from Pay super without making the payment again. Reversing and reprocessing super payments

If super accrual amounts are incorrect process adjustment pays to fix the accrual instead of reversing pays: Checking and adjusting super 

If super amounts have been posted to an incorrect super payroll category process a $0 pay and transfer the amount from the incorrect category to the correct one.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Megan8]

Hello Team and thanks for your reply, this whole problem started as my payroll reports did not reconcile with the EOY Finalisation report due to the payroll reporting category for super.  Also, another issue with having to unwind 5 terminations and reprocess them as nil pays.  The whole STP phase 2 has been a mess for users.

I am unsure as to what steps to take to deal with this $11k overpayment as I dont want to make the situation worse.  Before realising that this additional super payment left our bank account I had finalised payroll as my payroll reports finally reconciled with the EOY Finalisation Report.  Now today I need to process my first pay in the new FY with new pay rates.  I rang the MYOB helpline 3 times 8/7/22 and my call got disconnected 3 times (each time after 1.5 hours).  I really need to resolve this over the phone.  There are 4 courses of action which may play out here:

1. The bank may reverse the transaction (they have launched an investigation on  4/7 but I doubt if funds will be returned)

2. I have put in an online enquiry to SuperChoice on  8/7 to get amount refunded but they have not responded

3. I have not yet written letters to the 16 super funds to get funds returned

4. I could offset $11k with future super payments from MYOB but I would really like to have someone guide me through this so there are no more errors made.

Can someone please reach out to me over the phone.  I left my phone number with someone Friday 8/4 around 5.30EST before my call was disconnected the 3rd time.

kind regards

[Tracey_H]

Hi @Megan8 

Apologies for the delay in getting back to you. You've processed two Pay super payments and you've got two withdrawals in bank feeds, match these transactions.

You've reversed one Pay super payment transaction which appears as a deposit in AccountRight bank account. If the overpayment is refunded, this will appear as a deposit in the bank feeds. Match these two transactions.

If the overpayment is not refunded, process a Pay liabilities transaction for the offset. This will record a withdrawal transaction and you'll still have the reversal transaction as a deposit. Manually reconcile these two transactions in the Reconcile accounts window because they clear each other out. 

The only transaction you'll need to record is a Pay liabilities if the amount is not refunded. Otherwise it's all just matching transactions.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.