Wages/Bank Rec Error
I am newish to using MYOB and have access to both AR on the PC and the Business cloud (which I prefer as prodominatly Xero trained) Last week I processed wages for 13 staff in MYOB AR, posted to ...
Forum Discussion
Hi Kate121,
First of all, hats off to you for keeping things running smoothly under pressure! Sounds like you pulled a proper ninja move on that .ABA file.
Now, about that bank rec issue, Nope, no need for a payroll reversal here; you’re off the hook for that one. The good news is, MYOB Business (the cloud version you’re fond of) has your back when it comes to reconciling this kind of situation. You can allocate one bank transaction to multiple MYOB-recorded transactions, but you can only do this nifty trick in the browser version.
Here are some links that might help you sort it all out: Matching a bank feed to multiple transactions
If you're still having issues, make sure to reach out to our team directly. You can reach them on Live Chat via our virtual assistant, MOCA or by submitting a support case via MyAccount.
Regards,
Earl
Hello Earl,
My apologies for the late reply, I work at another place and came back to this today.
Thank you so much for the support and detailed assistance, I am beyond appreciative.
But, upon trying today, I still have an issue with the reconciliation.
In the bank feed I can see the wages payment out of the bank. This amount matches my edited ABA file.
I am able to match this with the wages payment from the original electronic payment and bank file. The total contains the wrong wages for the 1 employee.
I am able to match the new wages fix for that employee as a seperate transaction.
When I reconcile its out the wrong wage amount.
Last week, I did do a reversal of the 1 employee wage from the payroll batch, so I was able to re-do it, resulting in a seperate elec payment file of both the reversal and the new fix up.
Today, they were both sitting in payroll clearing.
I processed the correct wage out of the clearing seperatley, thinking this will assist in reconcile - this may have been the cause?
I also processed the reversal out of wages clearning, but didnt do anything with each ABA file.
- this may have been the cause?
In MYOB Business I can match both the original wages payment and the correct wage fix up butits out the wrong wage amount, I cannot figure out how to bring that -$ to balance it.
Whats weird is I clicked on another deposit in the bank feed and went to match transations and the reversal is available to allocate. Why is this amount not available when I try to match the wages debt from bank rec?
Hope that makes some sense. Please if you have any advice, reach out.
thanking you
Kate
Hi Kate121,
When you generate an ABA file, the transactions included in that file are automatically recorded. If you’ve tweaked the ABA file before uploading it to your bank, it’s expected that the bank feed won’t match exactly. For things to line up, the bank feed has to reflect exactly what’s in the ABA file.
The easiest fix? Just redo the electronic payment in MYOB so it matches your edited ABA file. This does two things: it sorts out the clearing account since only the amount processed by the bank will be removed, then the reversal and the original payment for one employee cancel each other out; and it makes sure the bank account you’ve picked for the payment only shows one transfer, matching the bank feed perfectly. That should take care of the reconciliation.
If you're still having trouble? Jump onto our support site and lodge a ticket through the MyAccount window or live chat through our virtual assistant MOCA.
Thanks,
Genreve
