STP - Employees wages bounced back to Bank Feed

Question

Hi guys,

We are using STP. An employee changed their personal bank account and did not notify payroll.

This has now been corrected in their card. Although we have had their wages bounce back to our Bank Feed.

What is the best way to give this payment to the employee from the Bank Feed, and how will it effect our STP Reporting?

Thank you.

Neil_M · Accepted Answer

HI @SusieExpTech

You may want to discuss your options with your accountant over how they would like you to handle this returned payment. There are a couple of options worth considering

Assuming the pay transaction went directly against the bank account, i.e. didn’t go through the electronic payments system, you could look at reversing and reprocessing the pay transaction. This will create the returned amount in the bank account and when reprocessed it’ll have the second outgoing payment for when you pay the wages to the new account.

When the redone pay is reported through STP this will update the ATOs figures for that employee to the current YTD figures for them

The alternative would be to record a receive money transaction to reflect the bounced back and then a spend money transaction to reflect the repayment. As this wont go through the payroll system it wont impact the reported figures through STP