Payroll & Electronic Clearing Accounts
My payroll is overstated by the same amount sitting in my electronic clearing account. All of my 'wages paid values' are sitting in the electronic clearing account. However, ATO portal has the right Gross & PAYG values.
This has happened as I have nominated method of payment as 'electronic' in the set up, but manually paid the 'net pays' through electronic transfers bank to bank. (and not use the electronic clearing account to pay).
How can I resolve this?
Hi mosesc
Thanks for your post. When the employee's Payment method is Electronic, the net pay amount is posted to the electronic clearing account. You then need to go to Banking>>Prepare electronic payments and process the electronic payment transaction. When you do this two things happen:
- the bank file is created, if wages have been manually paid you do not need to upload the bank file to your bank
- the transaction is recorded that moves the amount from the electronic clearing account to the bank account. In the Bank transactions window you match the bank feed transaction to the electronic payment transaction
From what you've describe it sounds like you have allocated the bank feeds in the Bank transactions window to the wages expense account. Allocating a bank feed automatically records an MYOB Essentials transaction so would explain why your payroll is overstated. In the case of a withdrawal a Spend money transaction is recorded. Only amounts processed in pay runs are reported through STP which is why these amounts are correct.
If you have allocated the bank transactions you will need to:
- delete the Spend money transactions recorded when allocating the bank feeds
- go to Prepare electronic payments and process the electronic payment transaction
- match the electronic payment transactions to the bank feeds
These Help Articles have detailed information on electronic payments:
Setting up electronic payments
Please let me know how you go.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
