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Kristie's avatar
Kristie
Cover User
8 days ago

Payroll reversal and bank reconciliation

Ive recently taken on a new client who hadn't reconciled March 24 correctly due to processing a payroll on 29/3 but not paying until the 2/4. I reversed the pay, accidentally resubmitted again as 29/3 so reversed again. Processed with correct payment of 2/4.  Therefore there are 2 payments of x amount with 2 deposits of x amount (these were paid as cash from chq account in payroll) which should cancel each other out. EOFY wages balance with these transactions.

 However when I try to re-reconcile March, its out of balance by one of the reversal "deposits' and if I don't click it to reconcile its just going to sit there unreconciled. 

How do I fix this issue?

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    7 days ago

    Hi Kristie

     

    I totally get that you're dealing with a tricky situation with payroll reversal and bank reconciliation. It seems like the reversal "deposit" is causing an imbalance. Here's a suggestion on how to address this: First, you might want to check if the reversal transactions are correctly recorded and matched in your bank reconciliation. If there are any discrepancies, this could be causing the imbalance. Next, it would be helpful to review the transactions from the past that have become unreconciled. Undoing your reconciliation and unmarking all transactions from the reconcile window. This could be due to changes made after the reconciliation, such as deleting transactions or altering transaction dates. Lastly, if the issue still remains unresolved, it would be best to reach out to our help sites like myob.com/support or myaccount.myob.com to find MOCA, our virtual assistant. If MOCA can't help, you'll be automatically directed to our live chat team. They have the necessary tools to troubleshoot and resolve this issue. Let me know if you have other queries!

     

     

    Kind regards,
    Shella