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AGT's avatar
AGT
Member
2 years 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 fee...
  • Genreve_S's avatar
    Genreve_S
    2 years 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

     

AGT's avatar
AGT
Member
2 years 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
2 years 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

    • AGT's avatar
      AGT
      Member
      2 years ago

      Thank you for your reply. Attached is a copy of the bank transaction showing the manual payment of the GROSS pay and the refund from the employee of the overpayment.  There is also the payroll transaction for the NETT amount.

      How do i work with these 3 transactions to balance in the bank reconciliation?

       

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        2 years 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

         

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