Unfortunately I have been slack in reconciling my payroll payments each week, and now, as I am about to complete the EOFY process I've realised that a couple of payments have minor errors (eg. 8 cents under paid, 12 cents over paid).
Can someone please advise how best to reconcile these? I am assuming that I add an adjustment, but what account do I offset this against?
Any advice is appreciated. Thanks.
Hi Aelop,
This sort of thing happens to the best of us, especially when things get busy! For minor payroll discrepancies (like an 8 cent underpayment or a 12 cent overpayment), you’re on the right track thinking of doing a quick adjustment. You'll need to record an adjustment pay for the exact difference. Additionally, when it comes to which account to offset against, we do recommend reaching out to an accountant for an accurate answer for this.
Regards,
Earl
