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We have recently upgraded from a static file to AccountRight Plus Live. Unfortunately, prior to the upgrade the user was processing Payroll independantly & not through MYOB, so wage payments were only ever recorded as one lump sum (Payslips etc have all been completed externally).
In order to have Payment Summaries accurate for 2017, I have just completed entries for most of the employees (July 2016 to Jan 2017) in line with Payslips to date & accruals are all now correct. My question is how do I balance the existing transactions (which are reconciled & reported on), with the new entries? They are all currently sitting as "Cash payments" unreconciled.
Each employee's wages has been entered as a monthly amount & matched to the dollar against the external Payslips.
All suggestions welcome as this has been a huge job!
Solved! Go to Solution.
I actually wouldn't have entered those payroll transactions into the system, what I would have done would be go to the employee's card>>Payroll Detail tab and select Pay History on the LEFT side then enter the lump sum amounts into this screen for each other. The reason for this is that the payment summary information pulls directly from here and you would also not have to worry about double ups of banking account, wage and other amounts.
In your case as you have processed those transactions through payroll. I would first recommend ensuring that you don't have a double amount of expenses from those transactions i.e. if the Spend Money transactions where recorded to the wages and salaries account and you have done your payroll transactions to that account as well you have a double up of expense. If that is the case, best to delete one of the transactions (personally I would delete the Spend Money transactions) and then include the correct transactions in the next reconciliation to reconcile the accounts. Alternatively you could enter a second transaction such as a journal entry to offset those payroll transactions in the Bank account i.e. you have a withdrawal currently, if you enter a deposit for the same amount it will offset the account and the values will cancel each other out in your next reconciliation.
Aaahhh yes, now I see what you mean.
Didn't even cross my mind to do a Card/History entry as I was asked to enter it the other way. It seems the easiest way to reconcile this will be your 2nd suggestion - Journal entry.
Thanks for your help.