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Superannuation Reversal - AccountRight

Kimmy12345

Hi Community,

I have some issue with my super for February -(paid 16/3/22) as MYOB Manage Payments has a status of "Reversal Required". I havent reversed a whole Super Payment before so want to ensure nothing else will be affected.

At the moment the amount of the super I attempted to pay last week is sitting in the bank register as though it has been debited from my bank account There is no withdrawal in the bank account so I am out in my reconciliation by this amount. I am guessing when I reverse the Super, the bank reconciliation will balance and I reprocess as per normal? Also when I reverse it, will the payments required re-appear in the PAY SUPER correctly for Feb which I was originally paying. Thank you in advance for your help.

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Accepted answers

CloverQ

Hi @Kimmy12345

You are on the correct track, once the Pay Superannuation transaction is reversed, all the associated super contributions will re-appear in the Pay Superannuation window, where you can tick and re-process them.

Since your bank account wasn't actually charged of the initial super payment, you don't have to worry about dealing with full/partial refunds. In AccountRight the initial Pay Super transaction and the reversal will cancel each other out, leaving the new Pay Super transactions to be reconciled with the actual charge on your bank account.

If you haven't already, I'd suggest checking out this Help page on the topic of Reversing and reprocessing superannuation payments for a detailed run through, your situation is simpler as there's no actual returned super payments.

I hope this helps. If you have any further questions please feel free to let us know.

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Kimmy12345

Hi @CloverQ ,

Thank you for your reply - I did do that with the assistance of a MYOB Specialist as I put in a call at the same time as looking for advice here. It worked and I did re-process the Super 2 days ago 28/3/22.

The status in the Manage Payments window is still saying "Processing Payments" so now I am concerned that it wont work again. Is this time delay normal now that there has been a change in the backend of procesing the super? I feel like it will be throwing my accounts out as if it goes over March 31, MYOB will show super has been paid but the bank account wont reflect this so my reconciliation will be out.

Any help/advice again would be appreciated

CloverQ

Hi @Kimmy12345

I hope this helps. If you have any further questions please feel free to let us know.