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Payroll Overpayment

Anewbee

Good Afternoon

In July our bank made an error and double paid three of our staff members, the amounts were all returned to the same bank account, two came back in the same month July and one amount was returned in August. I didn’t record an extra payslip as I thought it would be ok if all three amounts were returned in the same month because they would cancel each other out. BTW my manager pays our staff with an automatic payment from our bank because the amount doesn’t change, then I process the payslips. Can you please assist with what options I have to record the amount going out in July and amount coming back in August? I haven’t gotten on to this earlier as I have been on leave.

I would appreciate any help, thank you!

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Doreen_P

Hey @Anewbee,

Sorry for any confusion sorting this out. There's a tidy way to fix the overpayments. You'll need to pop those extra staff payments from July using "Spend Money" and send them to a payroll clearing or suspense account. For the refund you get back, two in July and one in August, drop them in as "Receive Money" against the same account. That gets your books lining up with what really happened in your bank, keeps wage expenses spot-on, and leave pay slips looking just as they should. Lastly, you can enter a note explaining the double payment and the fix. If there are things that aren't clear yet and you still need more help, you can reach out to our team on Live Chat via our virtual assistant, MOCA, or by submitting a support case via MyAccount.

Cheers,

Doreen

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Anewbee

Hi @Doreen_P

Thanks for your assistance I can try give that ago just have a few more questions about the payroll clearing account etc so maybe I can reach out to the myob team. Thank you

Anewbee

Hi @genreve@"Genreve_S"

Thanks for your help I really appreciate it. Can I just clarify that all I need do is create pay slips for all 3 employees for the amounts they were overpaid. Then reverse each one using the date they were returned to the bank in July and August?

Also when I create the pay slips with a July date, MYOB will ask if you’re reporting an updated pay run or a new pay run, what would I do here as I’m just going to reverse the pay slips anyway?

Thank you so much😊

Genreve_S

Hi @Anewbee,

Looks like the bank stuffed things up and made what should’ve been simple a bit tricky. But as a rule of thumb, it’s best to record things just as they happened. Even though the refunded amount cancels out the charge, you’ll want to put those transactions in on their actual dates.

What works best is to process all your July payruns as normal, then chuck in a reversal for August. That way, your ledger matches exactly what’s in your bank statement.

Regards,

Genreve