Payroll Deductions

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Contributing Cover User DAMET
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Payroll Deductions

I have set up an employee with a staff loan and created a payroll deduction category for him. Why is the amount appearing in the "Pay liabilities" window when it should simply be reducing the amount loaned in the asset account I also created ? I have checked two other staff loans with the same type of asset account in the payroll deductions category and the deductions don't appear in the payroll liabilities window. They simply appear in the ledger as a deduction under the Account...

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Ultimate Partner GDay53
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Re: Payroll Deductions

@DAMET 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

When you setup the Deduction Category did you make sure the Linked account was set to the loan account or did you just leave as default to the Liabilities account?

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
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Contributing Cover User DAMET
6 Posts
Contributing Cover User
Australia
Contributing Cover User

6Posts

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Re: Payroll Deductions

Yes, I chose the Asset account (the employee staff loan account) to link to in the deductions category. I did notice that in the instructions for setting up a staff loan, it says that the amount will appear in the Pay Liabilites window. However it can be eliminated without affecting the balances by choosing the asset account (ie the employee staff laon account) in the "pay from account" field in the "Pay liabilities" window. Unfortunately the asset account for this employee's staff loan does not appear in the "lists" menu. I am now trying to find a way to add it ...

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