Forum Discussion

JoeW's avatar
JoeW
Experienced Cover User
3 years ago

Options for entering pays more than two years ago?

AccountRight Premier AU 2021.5.2   Is there any way to enter pays older than the current or previous financial year, specifically in 2018/19? I know there's a two year limit so this can't be don...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi JoeW 

     

    To address your concerns around payment summaries and reporting. Yes, if you did record a payroll transaction outside of the payroll module this would not appear in the payroll reports (which will pull from the payroll transactions and the card history). 

    Although, if you were to generate a payment summary for that period as you did need to be in that financial year to produce those payment summaries (i.e. have a restored a backup of the file), you could enter those pays or manually amend the payment summaries - Step 7: Review the Payment Summaries. 


    So, you would need to keep a record of what does need to be adjusted so that if required you can reproduce those payments summaries with the updated information. 

JoeW's avatar
JoeW
Experienced Cover User

That's all very useful, thank you.

 

I'm concerned about the Payroll module being oblivious to changes entered as general journal entries. That seems to imply that MYOB couldn't issue an amended Payment Summary (for the years that used them) or even show me correct numbers in the various Payroll reports?

I could in principle issue a manually generated Payment Summary and I know how to issue an amended EMPDUPE file (for the years that used them), but I'd be nervous doing so without MYOB being able to tell me the correct YTD numbers for amended payslips and for the Payment Summary. I suppose in principal I could access those numbers through GL reports, yes?

gavin12345's avatar
gavin12345
Ultimate User
3 years ago

Hi JoeW 

 

It depends on what exactly you are trying to achieve. The best solution may well be a 2 step process. Restore a backup when MYOB was in the correct Payroll/and or financial year - add the payroll transactions and generate the Payment Summaries - lodge manually with ATO. This will handle that side of things (employee and reporting obligations) but will will not 'correct' your current year financial statements. For example if you are altering the profit for that earlier year, the flow on effects to your current balance sheet will not be picked up (eg Retained Earnings adjustment). Generate 'amended' P&L and balance sheet.

 

You would then update your current company file with General Journals to reflect the consequences of the prior year adjustments on your current account balances. You may need some direction from your accountant in this regard.

 

Regards

Gavin

  • JoeW's avatar
    JoeW
    Experienced Cover User
    3 years ago

    Hi gavin12345 

    The situation is that there are some long term liability DL loans where the company owes the director as of 30 June for the 2018/19, 2019/20, and 2020/21 FYs.

     

    It's been suggested that some of the salary paid in those years could be restated to instead be repayments to the DL accounts. The total dollar amounts moved from company bank account to director bank account would not change, but they would be re-explained as DL repayments not salary.

    I'm aware of the trick to issue a new payslip for the period, which would have a negative to wages, a positive to Employee Reimbusement (already linked to the DL liability account). There would have to be some kind of restatement to Payroll Deductions and that money would then be reclaimed from the ATO via a revised IAS or BAS. I think that some Superannuation SGC amount (perhaps all if the wage on a given payslip was 100% converted to DL repayment) would have be negative with a corresponding positive to Employer Additional Super.

     

    This is (relatively) easy for the current and previous financial years as MYOB will allow me to write new payslips. I'm wondering if it can be done for 2018/19 as well.

    I'm prepared to say that 2018/19 is Just Too Difficult and do it only for the years where MYOB permits new pays.

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