Wage payments not matching on bankfeed
Client has processed wages and has made payment before or after the payment date entered in the payrun. The wage payments are not matching with the payrun in bank transactions. It won't match unles...
Forum Discussion
Hi jdb_books,
To allocate the separate wage payment Bank Feed transactions to the payroll clearing account in MYOB, ensure you have a payroll clearing account set up in your MYOB Business. When you process payroll, record the total payroll amount as a credit in the payroll clearing account, representing the total amount owed to employees.
When making wage payments from your bank account, record these payments as debits in the payroll clearing account, matching each payment with the corresponding payroll transaction. In the Bank Transactions section, allocate the separate wage payment Bank Feed transactions to the payroll clearing account by matching each bank feed transaction with the corresponding payroll transaction recorded in the clearing account. The balance in the payroll clearing account should be zero once all payroll transactions and wage payments are recorded and matched. If there is a discrepancy, review the transactions to ensure all payments are correctly recorded and matched.
I hope this helps!
Regards,
Earl
