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Kimmy12345's avatar
Kimmy12345
Experienced User
3 years ago
Solved

Superannuation Reversal - AccountRight

Hi Community,

 

I have some issue with my super for February -(paid 16/3/22) as MYOB Manage Payments has a status of "Reversal Required". I havent reversed a whole Super Payment before so  want to ensure nothing else will be affected.

 

At the moment the amount of the super I attempted to pay last week is sitting in the bank register as though it has been debited from my bank account  There is no  withdrawal in the bank account so I am out in my reconciliation by this amount. I am guessing when I reverse the Super, the bank reconciliation will balance and I reprocess as per normal? Also when I reverse it, will the payments required re-appear in the PAY SUPER correctly for Feb which I was originally paying. Thank you in advance for your help.

 

  • CloverQ's avatar
    CloverQ
    3 years ago

    Hi Kimmy12345 

     

    You are on the correct track, once the Pay Superannuation transaction is reversed, all the associated super contributions will re-appear in the Pay Superannuation window, where you can tick and re-process them.

     

    Since your bank account wasn't actually charged of the initial super payment, you don't have to worry about dealing with full/partial refunds. In AccountRight the initial Pay Super transaction and the reversal will cancel each other out, leaving the new Pay Super transactions to be reconciled with the actual charge on your bank account.

     

    If you haven't already, I'd suggest checking out this Help page on the topic of Reversing and reprocessing superannuation payments for a detailed run through, your situation is simpler as there's no actual returned super payments.  

     

    I hope this helps. If you have any further questions please feel free to let us know. 

  • CloverQ's avatar
    CloverQ
    Former Staff
    3 years ago

    Hi Kimmy12345 

     

    You are on the correct track, once the Pay Superannuation transaction is reversed, all the associated super contributions will re-appear in the Pay Superannuation window, where you can tick and re-process them.

     

    Since your bank account wasn't actually charged of the initial super payment, you don't have to worry about dealing with full/partial refunds. In AccountRight the initial Pay Super transaction and the reversal will cancel each other out, leaving the new Pay Super transactions to be reconciled with the actual charge on your bank account.

     

    If you haven't already, I'd suggest checking out this Help page on the topic of Reversing and reprocessing superannuation payments for a detailed run through, your situation is simpler as there's no actual returned super payments.  

     

    I hope this helps. If you have any further questions please feel free to let us know. 

    • Kimmy12345's avatar
      Kimmy12345
      Experienced User
      3 years ago

      Hi CloverQ ,

       

      Thank you for your reply - I did do that with the assistance of a MYOB Specialist as I put in a call at the same time as looking for advice here. It worked and I did re-process the Super 2 days ago 28/3/22.

       

      The status in the Manage Payments window is still saying "Processing Payments" so now I am concerned that it wont work again. Is this time delay normal now that there has been a change in the backend of procesing the super? I feel like it will be throwing my accounts out as if it goes over March 31, MYOB will show super has been paid but the bank account wont reflect this so my reconciliation will be out. 

       

      Any help/advice again would be appreciated

      • CloverQ's avatar
        CloverQ
        Former Staff
        3 years ago

        Hi Kimmy12345 

         

        Thanks for the update.

         

        It can take a few days for the status to be updated to 'Completed',  and it will only update when an Pay Super administrator/authoriser logs in to the Manage Payments window. 

         

        If the payment status is still 'Processing Payments' now after logging in to the Manage Payments window, and your bank account hasn't been charged, you will need to check the following:

         

        • the Super fund name entered into your software matches what is on the ATO Super fund look up page: superfundlookup.gov.au 
        • the employee is registered for the correct fund as some funds share the same USI. 

        Once these are updated, reverse the pay super transaction and reprocess it again.

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