Payroll reversal not reconciling
We paid PAYG for 2 under 18yr employees over a period of several weeks when their PAYG should have been adjusted to $0. I have now reversed the pays for those 2 employees and re-entered them wit...
Forum Discussion
Hi Kristie,
I did resolve the issue. I had a few suggestions from MYOB that were not helpful. I have found emailing your issue to support-request@myob.com has been the most helpful on a couple of occasions - as long as you are not in a hurry. I got this email response and I can't remember exactly but I think this is the option that worked:
To address and resolve the matter, please follow the outlined steps below:
- Create a Contra Clearing Bank Type Account:
- Navigate to Accounting > Chart of Accounts > Create Account.
- Select "Bank" as the account type.
- Enter a unique account number that has not been previously used.
- Name the account "Contra Account."
- Record separate Spend Money transactions transferring from your Checking account to the Contra account.
- Match these transactions to your bank feeds.
Lastly, record a Receive Money transaction from your Checking account to the Contra account. This step will effectively reconcile the payroll transaction in your bank reconciliation.
Thank you so much! I setup the contra account and did a spend money from the chq account to the contra which fixes the bank rec problem in the chq account. howeve now the contra account has a balance of (EG $1000). Does this just sit there? The second part of receive money seemed to double up the transfer?
It still doesnt make sense when payroll reporting is correct so I dont want to change anything there.. Should I just leave the contra account with a balance ?
Hi Kristie ,
I get it might be unclear what he did after creating the spend money transaction from the checking account. In my understanding, He might have processed another money transaction from the checking account to the contra account, effectively moving the value from the contra account to the checking account. However, it might be best to wait for Enough's response to make sure.
Suppose you need any other help. don't hesitate to post again in the forum.
Thanks,
Genreve
