Forum Discussion

spvw's avatar
spvw
Experienced User
2 years ago

Super account allocation

In the past, when a super payment transaction direct debit appeared in the bank transactions, I would manually allocate that to "2-XXXX Superannuation Payable.

 

With the new super it would seem that I now need to allocate to "1-2000 Undeposited Funds Account" for things to balance.

 

Is this correct?

  • Hi spvw 

     

    When you process the Pay super payment, a transaction is recorded that clears the liability from the Superannuation payable account and posts the payment to the bank account.

     

    If the Undeposited funds account has been selected in the Bank account field instead of the bank account, you can just move that amount from the Undeposited funds account to the bank account. You can do this by recording a Transfer money transaction, the From account is the bank account and the To account is the Undeposited funds account. 

     

    This will clear the amount from the Undeposited funds account and in Bank transactions you can match the Transfer money transaction to the bank feed transaction.

     

    Please let us know if you need further help.

6 Replies

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  • SamaraM's avatar
    SamaraM
    Former Staff

    Hi spvw 

     

    Thank you for your post. 

     

    When you create the super payment, you will see an "account" field, before hitting record make sure that the account listed there is the bank account from which you're paying.

     

    Then when you are doing your reconciliation, on the bank feeds screen you can select "Match", and it will display the super payment as a possible match (as you selected that account when recording it earlier). 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • spvw's avatar
      spvw
      Experienced User

      Thanks. For some reason this particular super payment says "Pay from ... Undeposited funds Account". Previous ones say "Pay from ... Cheque Account. That's why this is not working as previous.

       

      I've had to fix up a few things like this in the migration to MYOB Business from Essentials and maybe this was also one.

       

      How do I fix this? Can I edit the original super payment details?

       

      Thanks.

      • Tracey_H's avatar
        Tracey_H
        Former Staff

        Hi spvw 

         

        When you process the Pay super payment, a transaction is recorded that clears the liability from the Superannuation payable account and posts the payment to the bank account.

         

        If the Undeposited funds account has been selected in the Bank account field instead of the bank account, you can just move that amount from the Undeposited funds account to the bank account. You can do this by recording a Transfer money transaction, the From account is the bank account and the To account is the Undeposited funds account. 

         

        This will clear the amount from the Undeposited funds account and in Bank transactions you can match the Transfer money transaction to the bank feed transaction.

         

        Please let us know if you need further help.