Forum Discussion

AGT's avatar
AGT
User
6 months ago
Solved

Reconcile Bank feed with 2 transactions for same item

Wage for an employee was transferred to them at the GROSS amount not the NETT. The employee returned the difference between the 2 amounts. However, now i have 3 transactions coming up in the bank feed. The wage amount from payroll, the transferred Gross amount and the refund (overpaid). How do i reconcile the bank feed with these 3 payments showing?

  • Genreve_S's avatar
    Genreve_S
    6 months ago

    Hi AGT, 

     

    Thanks for the response. We appreciate your effort in attaching these screenshots to your post. 

     

    Unfortunately, these two bank feed transactions will not match your pay run transactions, as you can only match one bank feed transaction with one pay transaction. As mentioned in my previous response, you will need to reverse the payroll transaction and redo it twice with the amounts of -$114 and $1192.80 to match the bank feed transactions. 

     

    Another option is to create journal entries that match the two bank transaction amounts. But I recommend seeking help from an accountant in doing this, as this would be considered financial advice. 

     

    Let us know if you require any further assistance with this. 

     

    Thanks,
    Genreve

     

6 Replies

Sort By
  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    6 months ago

    Hi AGT, 

     

    Thanks for posting and welcome to the Community Forum. 

     

    I'm sorry to hear about your difficulties matching your bank feed transactions to your ledger transactions. Unfortunately, you can't match two bank feed transactions to one payroll transaction. May I ask for screenshots of your bank transactions and the payroll transactions you are trying to match them with?  Also, make sure to hide all sensitive information. 

     

    We look forward to your response. 

     

    Thanks,
    Genreve

    • AGT's avatar
      AGT
      User
      6 months ago

      Thank you for your reply.

       

      The 3 transactions in the bank feed are: 

      1) The amount from payroll (this is the amount that should have been transferred)

      2) The amount transferred for the wage that was paid as GROSS (not nett)

      3) The refund of the difference over paid to the employee transferred back from the employee

       

      These 3 transactions should have just been the 1 - payroll amount transferred.

      I now have the other 2 transactions also in the bank feed - can they be cancelled or how do i deal with those so that i can reconcile?  

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        6 months ago

        Hi AGT, 

         

        Thanks for the response and the information you've provided so far. 

         

        Generally, the Bank Feed transactions from the "Bank Transactions" window are information provided by the bank. This means that this is what happened with your bank account and your bank statements. We will need to match it with the transactions in the file. You can reverse these payroll transactions and recreate them exactly as the bank feeds show these transactions (the same way your bank transactions show). If you need further help with this, may I ask for a screenshot of the "Bank Transaction" window and recorded pay-run transactions instead? 

         

        Let us know if you require any further assistance with this. 


        Thanks,
        Genreve