Process for reject SDS payments

TerriW86

Despite supposedly practicing for 3 weeks in June, a SMSF did not reject until this week. No ESA. That's okay, solved.

Not understanding the process now. Finding it so confusing as to what the process is now. Have read about the  reversing the entry that only reverses the ENTIRE MYOB entry.

Rejection notice said wait until return is received in the bank, then process reversal. 

It seems the payment for the entire week has not been deducted, so do I just reverse the entry as per the instructions and  reprocess now the SMSF has been corrected. 

 

Princess_R

Hi TerriW86,

 

Yes, since no money has actually come out of your bank account, you can reverse and reprocess it.

 

The part that usually trips people up is that MYOB only lets you reverse the whole Pay Super batch, not just one contribution. That reversal only updates things inside AccountRight though, it doesn’t pull any money back from the fund.

 

If you do need to reverse a batch that had a mix of successful and failed contributions, the usual way to handle it is:

• re-record the contributions that were already paid using Pay Liabilities, so your accounts stay right without sending them again
• then reprocess just the returned or rejected contribution through Pay Super once the SMSF details have been fixed

Cheers,

Princess