Pay Day Super Pay - Bank Rec
Hello Forgive me as I am self taught. My payday super payments are coming from what we call Tax Account - deductions have been coming out successful. However I am trying to reconcile this account...
Forum Discussion
Thank you Doreen
I have checked Superannuation Payment Setting and Under Paid Super, and it is set up correctly - as this is where the funds are being deducted from. BUT, when I go to reconcile this payment is stating it is coming from the BUSINESS account. There must be somewhere else it is pulling from recording the transaction. To clarify - the only thing that comes from the "tax" account is GST and Super Payment. Payroll week payments to the staff for their wages comes from the Business Account.
This is where I checked.
Hi JaneneP,
Thanks for checking your Pay Super settings. It looks like the wrong account may have been selected when the transaction was recorded, possibly because it was the first option in the dropdown. The ‘Pay from’ account selected in a Pay Super transaction only affects how the ledger entry is recorded. The direct debit itself is always taken from the verified, nominated bank account in your Pay Super settings. To tidy things up, you can transfer the amount from the incorrect account to the correct bank account, then record a journal entry so your bank reconciliation lines up properly. It’s also a good idea to check the exact journal entry with your accountant or advisor, so it’s recorded correctly in your file.
Cheers,
Princess
