Superannuation - Changed Bank Account
I have our superannuation set-up to be paid from our nominated bank account. We have recently changed banks and I have the feeds already set-up in MYOB.
When I paid this quarters superannuation, I changed the bank account on the drop down list, but have noticed that it was paid from the old bank account when matching on bank feeds.
After some research, I have downloaded, printed and emailed PaySuper Change of Details but am unsure how to tidy up in Myob. I am happy for the super to be paid fromthe old bank account at this stage, as we have the funds available in the account, but I would like to know how to fix in MYOB.
I was thinking maybe a journal, but I would like to see what the corerct procedure would be.
Thanks
Hi DonnaLee1972,
If you change your bank account for superannuation payments without submitting the Change of Details (COD) form to the Pay Super team, it can cause complications, especially if the same bank account is set up for bank feeds. To address this, make sure the new bank account details are correctly set up in MYOB. Since you've already emailed the COD form to our team, the new bank account details will be updated for future superannuation payments.
As for correcting the recorded transactions, you have two options:
- Reverse the superannuation payment made from the old bank account and reprocess it with the correct bank account.
- If you're okay with the old bank account paying the super, you can create a journal entry to transfer the amount from the old bank account to the new one. This will adjust the balances correctly without needing to reverse the payment.
Before making any adjustments, it's recommended to consult with your accountant for more tailored guidance.
Cheers,
Princess
