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One bank feed entry, four payroll transactions

PGCGROUP

One employee was paid in four separate pay runs, but all four show up in one bank feed entry. How do I merge the four payments to one bank feed (or split one bank feed in to four transactions)?

Thanks,

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Accepted answers

Isaiah_C

Hi @PGCGROUP,

Since you've got one Electronic Payment that covers four separate bank feed transactions, the best way to handle this is by creating a Payroll Clearing Account. This will help keep things neat and let you reconcile properly.

Here's what you can do:

If you don’t already have a payroll clearing account, just add one under Accounting > Chart of accounts > Create account.
Next, when you’re in Bank transactions, match your wage payment transactions to that payroll clearing account.
Run the General ledger report from Reporting > Reports to check: you'll see credits in your Bank Account and debits in your Payroll Clearing Account for those payments.
Now, go to Accounting and create a general journal. This moves the total pay amount from your Bank account over to your Payroll Clearing Account.
Run the General ledger report again and make sure the amounts match up and the balances look right.
When you do your next bank reconciliation, just match up the pay run, the bank transactions, and the general journal so everything balances.

If you get stuck, it's best to reach out to our live chat support through our virtual assistant, MOCA, they're always happy to help!

Regards,

Sai

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PGCGROUP

Thanks Sai, that worked (I think). The four bank feeds have been allocated and there are two matching transactions in the bank recon, matching the sum of the four. Balance of bank matches actuals.

PGCGROUP

Thanks Princess for your reply.

I think I got it wrong in my question above, there are four bank feed entries that appears in my list of bank transactions, and only one Electronic Payment (=the sum of those four). I have tried to split the Electronic Payment and allocate each of the four bank feed transactions, but it wont let me (can't specify an amount to be applied). Is there a simple solution?

Thanks,

Princess_R

Hi @PGCGROUP,

No problem at all, we got you! Think of it like putting all your coins together in a piggy bank. You can connect that one bank feed transaction with a bunch of payroll payments by following the steps shown in this guide.

Cheers,

Princess