Wages still in Electronic Clearing account in closed payroll year

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Contributing Cover User Karen62
9 Posts
Contributing Cover User
Australia
Contributing Cover User

9Posts

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Wages still in Electronic Clearing account in closed payroll year

We had a new employee for a month in April only. When I set him up in the Payroll I put his payment method as electronic and I think it should have been cheque ( all our other employees show cheque). Now all his wages are still showing in the electronic clearing account. I can't reconcile them as they don't show up on the bank reconciliation. The wages, super and tax information is on the payroll activity summary and is correct.

I have also rolled over the payroll year .

Any suggestions for fixing this please. It only affects 1 employee and 4 pays only.

1 REPLY 1
MYOB Staff Post AliK607
382 Posts
MYOB Staff Post
MYOB Staff Post

382Posts

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106Solutions

Re: Wages still in Electronic Clearing account in closed payroll year

Hello @Karen62 ,

You have rolled over the payroll year (this will only limit any changes to Payroll transactions)

If you are still yet to roll over your Financial Year. There is still hope. You can go to Banking > Prepare Electronic Payments > and tick the pays and process them into the correct Bank account as you see them on your real life bank statement. (i.e If those pays show on your real life bank statement as separate payments, you can create multiple electronic payment transactions as at the relevant date they show on your real life bank statement and ignore/discard the ABA files)

If you have already rolled over your financial year. It is best to speak to an accountant on how to treat this. There may be potential for either rolling back the financial year and then recording these electronic payment transactions or recording the electronic payment transactions as at 1/7/19 and including them in your July's Reconciliation.

Please note that the reason it was advised that you speak to an accountant was because this has a direct affect on how your year end balance sheet looks and may cause potential compliance/auditing issues.


Regards
Ali
MYOB Client Support

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