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Superannuation processed in one month but authorised the next

Contributing Cover User Elizabeth99
6 Posts
Contributing Cover User

Superannuation processed in one month but authorised the next

I processed a Superannuation payment but it wasn't authorised (and taken from the bank account) until the following month. However, MYOB has the journal entry showing the amount coming out of my bank account on the month it was processed, not the month it was authorised. I do cash accounting and this means that I can't reconcile that month because the payment did not actually leave my bank account until the following month. I can't match the transaction in the bank feed - it doesn't pick up the transaction from the previous month. This seems like a glitch. How do I fix it?

1 REPLY
MYOB Moderator Neil_M
4,208 Posts
MYOB Moderator
New Zealand

Re: Superannuation processed in one month but authorised the next

Hi

 

Thanks for your question.

 

There are a couple of potential ways that you could handle this, without going through reversing the superannuation payment and reprocessing it through the Pay Liabilities section of AccountRight. One would be to use a couple of journal entries and a holding account. By using a journal entry to offset the authorised superannuation transaction and then another journal entry to put it into the correct month it will allow it to match up to the bank feed transaction. You may want to speak to your accountant over how to construct these journal entries and the accounts to use.

 

Alternatively, you can match the transaction through bank feeds by clicking on the find button and ensuring the date range includes the date of the superannuation transaction. This will create the match and put that transaction into the Reconciliation.

 

You may want to check with your Accountant over whether simply not ticking the superannuation payment in the incorrect reconciliation is another way that you could handle this. By not ticking a transaction on the Reconcile Accounts window it is not included in the reconciliation or have any impact on the calculated statement balance.

 

Please do let us know how you get on with this,



Kind regards,
Neil
MYOB Client Support
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