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 ...
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
