Change Account in Payroll Journal

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Change Account in Payroll Journal

In our MYOB system, the Bank Account for Cheque Payment used to link to Account A. Recently, we used Account B to pay our employees.

 

However, we forget to change the linked account in setup so the payroll journal appears in Account A when we do the reconciliation. And I failed to fix the account in the journal.

 

What would be the best way to fix the account for the payroll juornal that has already been processed and recorded? Do I need to reverse all and process it again?

 

Thank you in advance.

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MYOB Moderator

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Re: Change Account in Payroll Journal

Hi @Ashley5 

 

If a change is required to a payroll transaction you would ideally look at deleting/reversing that payroll transaction and then recording it correctly.

 

Alternatively, in your case, as its only the banking side of things that are incorrect. You could look at doing a Accounts>> Transfer Money transaction to transfer the amount from the correct bank account to the incorrect bank account. What this will do is create a deposit in the incorrect bank account and a withdrawal in the correct bank account. This way when you do your reconciliations you have a withdrawal (incorrect payment) and a deposit (transfer money transaction) in the incorrect account that will balance each other out. In the correct account, you would have that withdrawal (transfer money transaction) to match what has recorded at the actual bank's end.

Kind regards,
Steven

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