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November 2020
November 2020
I have been garnishing $100 from one of our employees wages each week.
I have just been told that we no longer need to do this, and we can pay the employee back any money that we haven't yet sent to the creditor.
I have 6 weeks worth of deductions.
How do I go about properly reporting this repayment in MYOB payroll.
Solved! Go to Solution.
November 2020
November 2020
Hi @MCM
Thanks for your post. This is a bit of a tricky one to answer as I don't know how the deduction was set up, for example, a pre- or post tax deduction. I did find this post which is similar to your situation in that the employee is being reimbursed the deduction: Payroll Deductions
If you're not sure I would recommend speaking to your accountant to ensure that the repayment is recorded correctly.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
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November 2020
November 2020
Hi Tracey
Firstly thank you for taking the time to respond to my query.
I have set up as a deduction in payroll.
When I go to pay it I then go into pay liabilities and then pay it to the creditor from there.
I need to somehow now reverse these deductions to allow me to pay it back to the employee as he is no longer required to pay the creditor back.
I have x6 weeks worth of $100 deductions I need to repay.
I need to make sure I do it correctly as I would assume that I need to fix up payslips etc and resend info to the ATO?
November 2020
November 2020
Hi @MCM
As mentioned previously it depends on how the deduction was set up. If it was a post-tax deduction, then the employee has already paid tax on it and it is included in his YTD income. As such, you would not need to make any payroll adjustments. You also wouldn't record a payroll transaction when reimbursing the employee as it is already included in his gross payments and PAYG.
Generally speaking, if the deduction amount is already included in the employee's YTD income and he has paid tax on it, you can process the repayment the same way that you would pay the creditor. The only difference is that you are transferring the funds to the employee instead of the creditor.
However, I do recommend that you check with you accountant if you're not sure about how to process the repayment.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Cheers,
Tracey
Previously @bungy15
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
Did my answer help?
Mark it as a SolutionHelpful? Leave a to tell others
December 2020
December 2020
Thank you!
Have now fixed it all up with your advice.
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