Reconciling a Bank Deposit Error for an Employee Pay

Loubou

Last month I accidently deposited $0.92 cents less than the payroll amount for an employee. Therefore, I cannot reconcile the last month bank account and I still need to pay the employee the missing $0.92.

How do I do this and reconcile the last month statement?

Regards

Louise

LRBooks61

Hi Louise

 

Another way to get around this and reconcile the month the error occurred in is to do an entry to a payroll clearing account that you can then cancel out once you pay the employee the money you owe them

eg payroll is $xx.92 but bank is $xx. You need to to do a receive money to the bank allocating it to the payroll clearing liability account. This will make the bank agree with myob

 

you will need to hide the bank feed entry and manually reconcile the two transactions in reconcile accounts.

 

when you pay the additional .92cents the payroll entry will again be different to the bank entry. For example payroll entry is $ xx.03 bank entry will be $xx.95 cents ( as you have added the .92 cents on)

 

you would then do a spend money transaction for .92 cents allocating it to the payroll clearing account.

 

again you would need to hide the bank feed transaction and manually reconcile both the payroll and spend money transactions.

 

to hide a bank feed transaction - in bank feeds click on the transaction and select hide

 

hope this was helpful

 

lisa

 

that is spend money of 92 cents which makes the payroll entry agree to the bank account