Wrong Account Allocations
Hi
I had created a deduction on an employee for the payment of a car loan. The car loan recorded under the category 'Business Loan 1'. The deduction was linked to the other payroll liabilities account. When the bank transactions show the car payment, I need to allocate that to other payroll liabilities to reduce the liability that has been created by the deduction (this has been recorded 16 times so far). The problem is that it does not reduce the loan amount as the transactions are not being allocated to the 'Business Loan 1' account.
I have corrected the issue by linking the deduction to the 'Business Loan 1' account. However for past payments, the only way I can see being able to correct this is by reversing 16 pay runs and re-running them with the correct linked account. This is a problem because of One Touch Payroll and I'd rather not do that.
Is there a way that I can record all the payments that have been made against the business loan? I have tried a journal entry from 'Other payroll liabilities' to the business loan account but this increases the 'Other Payroll Liability' liability incorrectly.
Thanks in advance!