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September 2019
September 2019
After processing a batch (ABA) payroll, one of the pay was bounced back and recorded in bank feed as the employee has provided incorrect bank details. Do I record this bounced payment as receive money in bank feeds? How do I go about paying this into the correct bank account? I read something in previous posts about setting up a 'suspense' account. I'm not sure what this means. TIA.
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September 2019
September 2019
Hi @MiinYeo
What I would do is:
This will generate a reversal in the bank account for that (cash) bank account to which you can match with the necessary bank feed transaction. You will also need to re-process the payroll transaction for that employee within the software with the bank account set correctly on the card.
Note: I have assumed that Setup>Linked Accounts>>Payroll Accounts - the Bank Account for Cash payments is the main bank account.
September 2019
September 2019
Hi Steven
Thanks for the recommendation. I would usually reverse payroll and then rectify. however, it's a 27 employee payrun so without having to reverse and process this again, can I record the bounce transaction by 'receive money'? If I do this, can I just transfer the bounced amount via internet banking to the correct account, then record this as spend money? I would prefer not to mess around with all the linked account associated with payroll.
September 2019
September 2019
Hi @MiinYeo
In theory, you would only need to reverse that one particular employee's pay rather than the full bulk payment.
Below is a process that can be used to deal with the banking side of things with a bounced payment, although certainly not the recommended way to deal that situation.
What this process will do is generate a deposit to the bank account to show the amount being deposited back in and a withdrawal when it is paid to the employee. As you are using the same allocation account it will increase the account and then decrease it thus there is no effect for those transactions on that account (withdrawal and a deposit will cancel each out other).
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