Forum Discussion

H-TS's avatar
H-TS
Trusted User
5 years ago

Reversing Overpaid Superannuation

Hi,

 

We have overpaid superannuation for an employee over several months. I have made an adjusting VOID pay entry to reduce the super payable, manually doing this at the end of a month to avoid impacting the next month's $450 calculation.

 

The super fund has now refunded the overpayment but I'm struggling to work out how to process the transactions.

 

This reverse and reprocess procedure doesn't really apply because I don't need to reprocess the payment: https://help.myob.com/wiki/display/ar/Reversing+and+reprocessing+superannuation+payments

 

I'm not sure this one really applies either: https://community.myob.com/t5/AccountRight-Staffing-and/Reversing-payroll-after-using-Pay-Superannuation-in-MYOB/m-p/404333#M24664 because it says "If you are not getting a refund from the Super Fund, there is no need to process this negative payment for now."

 

We did get a refund so I need to process the negative payment.

I thought it might be as easy as recording a Pay Super entry with only the negative transaction selected, and not authorising it. However, trying to do that I get a little red X on the screen but no more information if I hover over it. 

 

The Pay Liabilities screen also doesn't allow me to process a negative payment.


How do I clear out the negative super transaction to match to the refund received from the super fund?


Thank you in anticipation. :)

 

superannuation
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi H-TS 

     

    Thanks for your post. To record this in AccountRight you will need to follow these steps:

     

    Say you processed a super payment of $1000 but it should have been $750 so you've been refunded $250:

    1. process a reversal of the pay super (-$1000 to the bank account)
    2. process the payroll adjustment (-$250 into that period paid)
    3. process a Pay Liabilities which will include that -$250, giving you a total of $750
    4. you will then have -$250 in the bank account to match to the refund

    These help articles will guide you through this process:

    Checking and adjusting super 

    Reversing and reprocessing super payments 

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    5 years ago

    Hi H-TS 

     

    Thanks for your post. To record this in AccountRight you will need to follow these steps:

     

    Say you processed a super payment of $1000 but it should have been $750 so you've been refunded $250:

    1. process a reversal of the pay super (-$1000 to the bank account)
    2. process the payroll adjustment (-$250 into that period paid)
    3. process a Pay Liabilities which will include that -$250, giving you a total of $750
    4. you will then have -$250 in the bank account to match to the refund

    These help articles will guide you through this process:

    Checking and adjusting super 

    Reversing and reprocessing super payments 

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • H-TS's avatar
      H-TS
      Trusted User
      5 years ago

      Thanks Tracey_H 

       

      So I would be reversing and reprocessing multiple months of previous Pay Super transactions. How does that affect payroll reporting for BAS and Payroll tax that have already been lodged? I was hoping to keep all the adjusting transactions in this quarter so nothing else would be affected.

       

      I processed one lump sum void entry for all the previous months. Will the process you suggested still work as the first link you provided says I'd need to do one for each affected month?

       

      If I simply receipt the payment as a receive money to my Super Payable GL account, could I just ignore the negative entry in the pay super/pay liabilities screen? Can it sit there forever and not affect anything else?

       

      Heather

      • H-TS's avatar
        H-TS
        Trusted User
        5 years ago

        Not sure why I can't edit my previous message but I've decided to suck it up and follow the suggestions so ignore my previous questions please.

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