Pay Super balancing issues

DMadmin

Hi i have now done 3 x Pay supers starting in May.

My issue is following the MYOB advice - i processed 27/5 and had one payment bounced back to my bank 4/6.

MYOB says to REVERSE the entire original payment with the DATE OF THE BANK DEPOSIT returned (4/6).

Re process successful payments at the 27/5.

And then Process the Bounced payment again at the date you process.

 

Now i have Payments/reversals over the 2 months. I can reconcile to $0.00 if i leave the reversal unticked, but it should be matching up.

Any advice???

 

Doreen_P

Hi @DMadmin,

 

Thanks for laying that out. The advice you were given for a returned super payment is the correct process. For the reconciliation side of it, the returned payment and reversal can end up sitting across different dates, so the entries may not line up the way you expect within the same reconciliation period. If that’s what you’re seeing, it may be related to the timing of when the returned funds were deposited back and when the reversal was recorded. If you’re unsure how it should be treated in your books, it's best to check with your accountant or bookkeeper.

 

Cheers,

Doreen