Hi Anne1
Thanks for your post. As it's only the bank account that is incorrect, record a Transfer money transaction for the net amount. The From account is the bank account the pay was withdrawn from and the To account is the incorrect bank account.
In the Bank feeds window match the bank feed transaction to the Transfer money transaction.
Please let me know if you need further help.
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Hi Tracy
Am a little confused :(
Will this affect STP?
AS there are numerous payments do I need to do transfers for each payment?
Apologies for not quite understanding
Thank you for your help
Hi Anne1
No need to apologise, I'm happy to go through it with you.
When you process a pay run a transaction journal is posted that allocates the amounts to the applicable AccountRight accounts. This is an example of how the transaction journal looks, only the net amount is allocated to the bank account:
The hours and amounts are also allocated to payroll categories and it's the payroll categories that appear in the payroll reports. STP filters the amounts allocated to the payroll categories according to the ATO reporting categories assigned to the payroll categories.
In the situation where an incorrect bank account has been selected when processing the pay run, the hours and amounts are not affected as they've been allocated to the payroll categories and reported according to the ATO reporting categories. So STP won't be impacted.
The only thing that is incorrect is the bank account, so the net amount appears as a withdrawal in the incorrect account instead of the bank account the money was actually withdrawn from.
Recording a transfer money transaction just moves the net amount from the incorrect bank account to the correct one. In the Bank feeds window you'll need a transfer money transaction for each bank feed transaction. So if the wages appear as individual withdrawals in the Bank feeds window you will need to record individual transfer money transactions.
The quickest way to do this is in the Bank feeds window click on New>>Transfer money. The From account is prefilled with the correct bank account and select the incorrect bank account in the To field. If you go into Bank register or Reconcile accounts and select the incorrect bank account you should see matching withdrawal and deposit transactions which clear each other out.
Hope that clarifies it for you, 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.
