Small error in transaction and can't match to Payroll
Hi there!
I recently processed a payroll and one of the amounts was $1909.38. I accidentally transferred the amount $1909.30 to the employee (a difference of 8c). Now, when I am trying to match the transaction in the bank feed, it is telling me it cannot do so because the amounts don't match. Can someone please advise on the best way to rectify this issue?
Will I be able to match two transactions to the payroll item ($1909.30 and $0.08) to balance it out? Or is there something else I need to do to correct it?
Thanks,
Fiona
Hi CPsyc,
No worries, we've got a few ways to fix this up. Generally, we recommend reversing and re-recording the payment transaction to match what was received in your bank feeds. You can record the exact amount paid ($1909.30) and then make an adjustment for the employee on their next pay. Alternatively, if it's just an 8-cent difference, you can use the "Add Adjustment" feature to balance it out to $0.00. For more details, check out this post.
Cheers,
Princess
