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I have totally confused myself and need instructions on how to ensure wages and bank reconciles.
A worker was given a cheque advance to cover overtime at the beginning of the month, but was paid the full amount in the following weeks pay via electronic transfer. On a later week they were given a cash advance from the Credit Card and a payment to cover base wages through the bank (not electronic transfer).
I processed both payments as spend money allocated to wage & salaries but they are still overpaid a minor amount that the boss has said ignore. I am trying to use details from the second transaction to get things back in order.
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September - last edited September
In AR there is a generally a Payroll Cheque account as a Bank., if your file does not have it you should set it up. You should not allocate monies to the wages and salaries account as this is the control account for the Payroll module. You should be able to reconcile you W&S account to the payroll reports. The spend money transactions should be moved from W&S to Payroll clearing. Once that is done you will have a better chance of sorting out what went where and work out how to zero out the clearing account.
Single Touch Payroll is on its way.
My concern is that the Government does not understand that many business owners do not know how to use the Payroll Module in MYOB.
I have used Spend Money to record Payroll for some small clients for many years and correctly issued Payment Summaries. With some clients, I use monthly or quarterly journals and once again correctly issued Payment Summaries.
My view is that same day payroll reporting is inappropriate for small business but am more than willing to implement technology improvements that are suited to small business eg SuperStream.
I understand some industry bodies have informed the Government of this view.
The Turnbull government appears not to understand small business.