Forum Discussion

SarahCarps's avatar
SarahCarps
Contributing User
3 years ago

Payroll amount doubled on Profit and Loss statement

I am in need of some help please. 

 

Each fortnight, I create a payrun but the pays are manually sent as a bank transaction. Superannuation however is completed electronically through the MYOB portal. The bank account is linked to MYOB and so all transactions in the bank feed are either allocated or matched to invoices. After running a Profit and Loss report, the wages are showing up as double the actual amount and Superannuation is correct.

 

Am I missing a step? Why has the amount for wages doubled?

 

please help.

 

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User

    Hi

    Are you matching the payroll you process in bank feeds or are you allocating them through bank feeds?

     

    They should be matched in bank feeds therefore picking up the transaction you created in the MYOB pay run.

     

    The doubling up would suggest that both are occurring .

    Check the payment method for payroll - is it electronic? If so the transactions are sitting in the electronic clearing account

     

    Hope this helps

     

    Lisa

    • SarahCarps's avatar
      SarahCarps
      Contributing User

      I am allocating them because it does not give the option to match them. I mentioned in my original post that all wages are paid manually, so not electronic.  

      • LRBooks61's avatar
        LRBooks61
        Ultimate Cover User

        What you need to do is NOT allocate them

         

        If you don't want to use electronic payment set up the linked account you use to Undeposited funds and then you can do the transaction from there which will match in your bank feeds

         

        otherwise you will need to hide the bank feed transactions and manually reconcile the transactions in the reconcile account screen 

         

        you will also need to delete the double entries 

         

        hope this helps

         

        lisa