Looking for assistance on EOFY super payments and bank reconciliation finanlisation

Hi ShaMic,

Thank you for reaching out.

We'll surely help you with your concern. However, before we dive in, we'll need more details from you. Could you please provide more information about your concern with EOFY and bank reconciliations so we can take a look into this for you?

Cheers,

Princess

Hello and thank you for replying, I have just seen your reply just now.

I have two transactions that I need help on please, both done through via the payroll card for EOFY with super payments made via a transfer to our SMSF account of ours before EOFY instead of the Super Clearing House.   

The first transaction,  I paid a lump sum wage to my husband (a Director) on 28/7/23 which incurred a lump sum super payment of $4,200.  Due to the date, I was unable to do my normal process (which I have written step by step notes from my long time bookkeeper who no longer is around :-( on how to process) through the Super Clearing House and how to record the super and the payment.   FYI, on this one particular super payment, due to the date, I transferred direct to our SMSF account as it clears immediately and can be claimed as an expense.  This transaction I'm now unsure how to clear from the Bank Feed - is it the same process that I do if i was doing through the Super Clearing House? I'm unsure what to put in the card section - I'm guessing it's the SMSF name as the payee or is it the employee card?

2nd transaction, just an additional EOFY super contribution to bring up to cap amount of $20,448.  Again don't know how to clear from the bank feed and record correctly.  I have followed my bookkeepers previous entry for the lump sum additional entry which creates the void in the bank register.  Unsure what to do next.

I have screen shots of everything entered so far but haven't added here as yet, as unsure if this is a private conversation.   Can you help on the clearing from bank feed step please.   Is it just the Spend Money and if so what do i put in the payee section and just want to check the bottom section as well please.

I will very much appreciate any advice as I'm lost what to do, hence I'm now late on my BAS for EOFY but have rang the ATO to say why.

I will await your confirmation that I can attach files for ease of seeing my entries so far on this particular matter.  

:-) Shandelle

Hi ShaMic,

Thank you for your response. I appreciate you explaining and providing further information about your concern.

If you've recorded the superannuation through the MYOB payrun, you would need to process this through Pay Liabilities. Make sure to allocate it to the correct account. I would also recommend speaking to your accountant regarding how to record this to report it correctly.

Please let me know if you require any further assistance with this. I'm happy to take a look into it further.

Cheers,

Princess

Thanks for the reply.

Thankfully to Sean, it has been solved, pay liabilites were already done, it was a matter of just hiding the transactions in the bank feeds only required, as already reconciled but with a different date so i undid the reconcilation and fixed the date and approved the transactions and it's all gone now.

I can move on! :-).

Hi ShaMic,

Thank you for your response. We appreciate you informing us that your issue with payroll and bank reconciliation has been successfully resolved. We are delighted to hear that our social support team was able to assist you in resolving this matter. Please feel free to reach out to us again or create a new post if you need help in the future. We are more than happy to assist you.

Cheers,

Princess