Forum Discussion

KDRInfo's avatar
KDRInfo
Member
1 month ago
Solved

MYOB Superannuation Reversal and Payment

Hoping for some help in resolving compulsory superannuation payments.  In summary, we reversed salary payments 2 times for 4 employees due to payment calculation errors, and then successfully made the correct payment.  However when the 12% superannuation liabilities were processed, it appears both the correct and also reversed payments were made, meaning 3 super payments per employee for the same month.  The 4 employees now have a payslip indicating the correct super payment, but multiple payments in their super accounts.

 

Looking for advice if possible on the best way to resolve?

  • Princess_R's avatar
    Princess_R
    1 month ago

    Hi KDRInfo,

     

    I agree that putting 0 super in the pay run isn’t ideal, because it makes it look like no super was paid for that period and could confuse employees.

     

    If the extra super has already come out of the bank and been received by the funds, the only way to fix it now is by working with the super funds and making some manual adjustments in your books. So you can either talk to the super funds about getting a refund and then record those returned contributions, or go with your other idea: process a normal pay and then post a journal to offset the overpayment. That said, I’d really suggest checking in with an accountant or bookkeeper to make sure you’re handling it the best way.

     

    Cheers,

    Princess

3 Replies

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    1 month ago

    Hi KDRInfo,

    Thanks for providing the detail. Since the payment has already been processed and appears to have been received by the super fund, you can either adjust it against the next super payments, or contact the super fund to request a refund. You'll just need to make sure everything has been processed and recorded correctly in MYOB first.

    Regards,
    Earl

  • KDRInfo's avatar
    KDRInfo
    Member
    1 month ago

    Thanks Earl.  We will adjust against subsequent super payments, meaning the employer super contributions will be 0 for 2 months.  Could you advise on how best to record this in MYOB?  We can include a 0 value in super when we record an employee payment, however their payslip would then indicate no super had been paid, which would not be correct.  Alternatively, record a normal payroll and possibly then also a separate journal transaction to move funds from the super liability account to match with the original incorrect payment?

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    1 month ago

    Hi KDRInfo,

     

    I agree that putting 0 super in the pay run isn’t ideal, because it makes it look like no super was paid for that period and could confuse employees.

     

    If the extra super has already come out of the bank and been received by the funds, the only way to fix it now is by working with the super funds and making some manual adjustments in your books. So you can either talk to the super funds about getting a refund and then record those returned contributions, or go with your other idea: process a normal pay and then post a journal to offset the overpayment. That said, I’d really suggest checking in with an accountant or bookkeeper to make sure you’re handling it the best way.

     

    Cheers,

    Princess

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