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Overpaid Superanuation

DebDSD
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Overpaid Superanuation

I have just discovered I have overpaid super on one employee for July and August and one pay in September

 

They have a salary sacrifice deduction also and this is set up with paying super guarantee less salary sacrifice which is correct 

BUT  I have also had the card file ticked for super guarantee on the normal pay so they are getting

paid super twice.

I have unticked the Super Guarantee for the future so this will not happen next week 

 

I   pay the super via pay Liabilities and I have paid the overpaid to the Fund for July and August.

 

How can I Adjust this

  a) fix July

b Fix August and

C) fix the first week in September prior to next weeks pay.

 

Help

Deb

 

 

 

3 REPLIES 3
Steven_M
MYOB Moderator
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MYOB Moderator
New Zealand
MYOB Moderator

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Re: Overpaid Superanuation

Hi @DebDSD 

 

You mentioned that you paid the fund those superannuation payments for July and August, how are they dealing with that situation? Are you getting all the funds returned for that employee or only a partial amount or a full amount?

 

In addition to that, just wanted to confirm that you are using the Pay Liabilities system to process those payments and not the MYOB Pay Superannuation functionality?

 

For the case of September, it is likely that superannuation would correct itself with your next pay in the month as you have remedied the cause. Superannuation is calculated on a month-by-month basis so it would look at the full month to determine the full amount of superannuation to be calculated. So if you have had paid too much the next pay would generally have a reduced amount on it as its compensation for the changes.

Kind regards,
Steven

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DebDSD
Contributing User
11 Posts
Contributing User
Contributing User

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Re: Overpaid Superanuation

Thanks for your Reply.

 

September: Glad is will rectify itself appreciate that comment.

 

I havent asked for funds back from Super Fund  yet for July and August . And Yes I do process it in pay liabilities in myob just to record it has been paid.

I use a clearing house direct and enter in the figures for employees manually. 

 

So was waiting  for help before I either asked for month back and moved forward to correct this.

 

Deb

Steven_M
MYOB Moderator
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MYOB Moderator
New Zealand
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Re: Overpaid Superanuation

Hi @DebDSD 

 

Assuming the superannuation funds are keeping that amount, you do have two options:

  • Option A: Manually reduce the superannuation amounts paid to employees in a later period. You probably want to do this on a pay that is last in the month otherwise the system will do automatic adjustments in other pays to make up for it.

  • Option B: Leave it as is - pretty straightforward. No action required - deal with the fact that the employees got paid an extra bit of superannuation.

If the funds returned the money, you can deal with it through a holding account. Probably not a practice we want to expand on unless we know specific details such as did they return all the funds or only a portion of them. It's likely that the Super Funds would have just taken and processed the amounts given and not been any wiser to the amounts, so not something that we want to go down at this stage. Although, it is possible to do deal with it but let's cross that bridge if we come to it.

 

Also, I just wanted to touch on the September's pays. Generally speaking, it will correct itself. However, there are some cases where it might not as limit settings in the superannuation category may prevent it. My advice is just to keep an eye on it with your next pay, it's likely going to be a bit higher than the amount it should be for that particular pay as its doing the full calculation. If so, you are good to go.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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