MYOB payroll transactions not matching
Hi, Im having some confusing issues with Payroll and trying to match up in the bank feed. Previously they were all matching, but now when I hit match, 2 x payroll tranasctions come up that I dele...
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HI again Tracey,
Thank you once again for your guidance! Ive attached a screenshot of all the pays which are still appearing in the prepare electronic payments window but aren't matching up with any unallocated tranasctions from last year. Can I simply delete these if there are no matches? Or should they be left?
KInd regards
Heidi
Hi Heidi
All of the pay transactions in the Prepare electronic payments window need to be processed out of that window by clicking on Download bank file.
If the bank feed transactions were allocated to the wages expense account, that account will have an incorrect balance as both the pay transaction and the Spend money transaction have been posted to the expense account.
For example, in the pay transaction journal the gross amount is posted to the Payroll - Wages expense account:
When you allocate the bank feed transaction the software automatically records a Spend money transaction posting the net amount to the Payroll - wages expense account:
If you search that account in Find transactions you'll see the gross amount posted in the pay transaction and the net amount posted in the Spend money transaction. This will inflate the expense in your financial reports.
You will need to:
- process the pay transactions in Prepare electronic payments by clicking on Download bank file. If the wage amounts appear as separate bank feed transactions click on one pay transaction then click on Download bank file, don't select all pay transactions at once.
- undo the bank reconciliations
- unmatch the bank feed transactions
- delete the Spend money transactions
- match the bank transactions with the electronic payment transactions
- re-do the bank reconciliations
The pay transactions showing as $0.00 look like update events created manually by recording $0 pays or by clicking on Send update event in the STP reporting centre. If they are update events, go to Reconcile accounts and tick those transactions to manually reconcile them. As they are for $0.00 they won't affect the balance and manually reconciling them will remove them from the Bank transactions window and the Reconcile accounts window.
Let me know how you go.
Hi Tracey,
I'm still very confused. Ill post below the screenshots I have of both the bank feed and of the reconciliation windows. Ive followed the steps of downloading bank files, then 'unreconciling' in reconcile accounts, (where now the bank file transactions are appearing) - however, in the bank feed, there are a few payroll transactions which ive unmatched, and then they wont match to anything, so I've just allocated to Payroll salary and wages. I don't understand how some of them have gone to electronic clearing account when I've downloaded all the bank files for these transactions. Where do I find the spend money transactions to delete them. Can you show me a step by step using some screenshots Tracey, I apologise for creating extra work for you.
Thanks again, Heidi
Hi Heidi
No need to apologise, I'm happy to help.
This magic wand icon means that the bank transaction has been automatically allocated based on bank rules you've set up. Go to Banking>>Bank rules and check for bank rules with Payroll - wages & salary selected. Only payroll transactions should be allocated to that account.
When the Match or Allocate column looks like the following screenshot it means that the bank transaction has been matched to an electronic payment transaction:
If you click on the expand arrow then Match transaction you can see the electronic payment it has been matched to:
The above is correct because the pay transaction credits the electronic clearing account and the electronic payment transaction debits that account, so effectively the bank feed transaction is allocated to the electronic clearing account.
Another example of that is I record a Spend money transaction and allocate the amount to Bank fees:
When I match that Spend money transaction to a bank transaction the Match or allocate column shows Bank fees as that is the allocation account in the Spend money transaction:
To find the Spend money transactions go to Banking>>Find transactions>>Debits and credits tab>>select your Payroll - wages & salaries account in the Account field. Payroll transactions will have Payroll as the Source journal. Spend money transactions will have Cash payments. Click on the purple reference no to open the transaction.
I noticed in your screenshots that all of your electronic payment transactions are dated the 16/02/2023, so when you're trying to match these in Bank transactions make sure you change the Show filter to All transactions so that date will appear.
Let me know how you go.
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