Essential Payroll Transaction not matching in Bank Feeds

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Experienced Partner PPP
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Essential Payroll Transaction not matching in Bank Feeds

I have a client who has commenced using MYOB Essentials for his payroll.  He has processed the payroll but when he has paid the payroll he has paid the gross amount.  As this is to himself he has adjusted the last payroll in January less the overpayment of payroll in the payment made.

As this will not match the bank feeds how do I fix. i have entered the gross pays to the loan account so i can balance the bank account but what do I do with the unreconciled bank pays in the bank feeds?

 

Thanks.

 

Judy West
Peninsula Profit Professionals
Certified BAS Agent & Bookkeeper
Email: judy.west@penprofitprofessionals.com.au
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Ultimate Partner IanChait
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Re: Essential Payroll Transaction not matching in Bank Feeds

Hi Judy

 

You usually need to use a Payroll Clearing Account, or in this case The Director Loan will work. Make it a Bank type account, then delete the incorrect pays, and re-enter them using the Directors Loan account as the pay From account.


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Experienced Partner PPP
32 Posts
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Re: Essential Payroll Transaction not matching in Bank Feeds

Thanks Ian

Judy West
Peninsula Profit Professionals
Certified BAS Agent & Bookkeeper
Email: judy.west@penprofitprofessionals.com.au
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