Forum Discussion

RoxyAtButtery's avatar
RoxyAtButtery
Experienced Cover User
4 years ago

Superannuation payment returned due to incorrect member account number

Hello. I have been trying to follow the instructions on how to reverse a super payment made through the MYOB super clearing house as one super fund payment out of 20 or 30 fund payments bounced back but I can't get it to work. The reversal of the transaction times out. Is there a better way to deal with returned super payments? Cheers, Roxy.
  • PaulBihet's avatar
    PaulBihet
    4 years ago

    I find the whole reversal process to be more of a headache than it is worth 

    what I do is 

    1 create a liability account for incorrect super details (easier for audit)

    2 receive money to bank account transaction allocated to this new account 

    3 Phone and get BPAY or bsb and account number details from Super fund for employer contribution 

    (can sometimes be found on their website)

    4 Pay via Internet banking and allocate via spend money to incorrect super details account 

    Never had an issue with doing it this way

     

  • PaulBihet's avatar
    PaulBihet
    Ultimate Cover User
    4 years ago

    I find the whole reversal process to be more of a headache than it is worth 

    what I do is 

    1 create a liability account for incorrect super details (easier for audit)

    2 receive money to bank account transaction allocated to this new account 

    3 Phone and get BPAY or bsb and account number details from Super fund for employer contribution 

    (can sometimes be found on their website)

    4 Pay via Internet banking and allocate via spend money to incorrect super details account 

    Never had an issue with doing it this way

     

    • RoxyAtButtery's avatar
      RoxyAtButtery
      Experienced Cover User
      4 years ago
      Hopefully it is only a short term solution. Thanks Paul.
    • SalC's avatar
      SalC
      4 years ago

      Good afternoon Paul,

       

      I have a super question and after reading your reply below you seem to know what you are talking about. I have reached out to MYOB but am having trouble getting the answers to my question. Would you mind if i emailed you asking my question? Thank you Sally

      • Yanike_S's avatar
        Yanike_S
        MYOB Staff
        4 years ago

        Hi SalC 

         

        Welcome to the Community Forum.

         

        I am glad PaulBihet  was able to clarify his way of dealing with reversed super payments. If he is unable to resolve your question, feel free to post your question regarding super as a separate thread to the forum and we are happy to look into this for you.

    • MsK-inthebooks's avatar
      MsK-inthebooks
      Experienced User
      3 years ago

      Hi, 

      Just had this issue also. Sending back via BPAY or direct credit is no longer an option with STP and Superstream. 

       

      I had to reverse the whole superannuation payment for the entire payroll. Quarantine the correctly submitted super payment for the rest of the staff  and creat a bogus payment in (pay liabilities) to clear in MYOB. (## dont create another superstream payment) . then... reverse the pays  that correspond for the offending incorrect super payments. ( in my case it's one employee with a month of pays.) Resend them via the (Pay Superannuation) and you can see it capture the contra entries for both the incorrect fund and the correct fund. this will send the payment to the correct fund via superstream. 

       

      You may need to re-reconcile your bank statements depending on the timing of the payments. 

       

      https://help.myob.com/wiki/display/ar/Reversing+and+reprocessing+superannuation+payments#expand-Toreprocessreturnedsupercontributions

       

      Hope this helps!!! 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.