In August, i reversed a pay from June payslip (should have put june as the reversal date). As a result, my August bank account will not reconcile by this amount anymore.
I can't enter a positive pay to cancel this reversal out as it is in another payroll year and the nett wages will not equal.
the only thing i can think of is how could i get rid of this reversal in august so i can reconcile my August bank account?
Hi accountant5,
I see you're having trouble reconciling your August bank account due to a reversal of a June pay slip that was incorrectly dated in August. Reversing transactions can be tricky, especially if the dates are wrong or if the transaction falls in a closed period.
Since you can't enter a positive pay to cancel out the reversal because it's in a different payroll year, and you can't reverse or delete a reversal transaction, your option is to make a journal entry to correct the bank account balance for August. This journal entry should negate the impact of the reverse on your bank account. However, be careful to ensure it doesn't affect your payroll records. It would be best to consult with your accountant for the best way to handle it.
Feel free to get in touch if there's anything else you need help with.
Cheers,
Princess
