Hi MichelleX15,
Thank you for your post. I'd like to extend you a warm welcome to the Community forum. I hope you find it a valuable resource.
Most likely, this is due to the incorrect allocations of the Super Guarantee pay item linked to the account. In this case, I recommend checking the setup of the linked account of the pay item set up for Superannuation. Please see the attached image below:
Please let me know how you get along and if you require any further assistance with this. I'm happy to help.
Cheers,
Princess
Hi Princess_R ,
Thank you for your reply. I just checked the settings you pointed out and indeed it was wrong. I've relinked it to the liability account and will try if it fixed the problem at our next pay cycle.
Further on that, can you please also advise how can i get the past transactions transfered to the liability account as well？It seems like those payrolls have already been submitted to ATO and no longer editable.
Regards,
Michelle
Hi MichelleX15,
Thank you for your response.
In this case, if a superfund has been paid from the wrong account, you may need to record a transfer money from the wrong account to the correct account. Or the easiest way to fix it is to go to Allocated Bank transactions and cancel the allocations for the payments, then reallocate them to the correct account.
Please let me know if you require any further assistance with this. I'd be more than happy to help.
Cheers,
Princess
Hi Princess_R ,
Thank you for your response.
I have tried both solutions and neither of them would work.
For solution 1, a general journal must be balanced. In this case, the wrong amount should go from an expense account to a liability account, in which case the amount to be transfer should both be credit on the general journal to make both accounts show the right balance after transaction.
For solution 2, the auto-generated superannuation transactions only appear on the "find transactions" > "debits and credits" page as they were not actual bank transactions at the time when they were generated. So they can not be reallocated.
Also after I've changed the linked account for superannuation, I tried to create a new payroll and the superannuation amount appeared as a negative number in my superannuation payable account, which I belive since it's a liability, for amount to pay, it should be positive. And once I allocted the actual bank transactions to superannuation expense, it only change the expense account and the balance of the liability account won't change.
Regards,
Michelle
Hi Princess_R ,
I have figured out why my superannuation payable account shows a negative number, but the remaining problems still exist. I have attached how my transactions look like after I created a payroll. There are two lines generated related to superannuation. The payable one is fine. But the last line added a "$62.92" to my expense account when the actual payment as not been made. And once I made the quarterly payment after the end of the year, Myob will ask me to allocate that bank transaction, but I cannot link it to that "$62.92" which has been already in my transactions, which means I have to create a new transaction to reconcile my bank account, making the same amount added twice to my expense account.
Regards,
Michelle
Hi MichelleX15,
Thank you so much for your detailed post with screenshots and my apologies for the late response.
In the bank transaction window, when allocating bank feeds, the system automatically records the corresponding MYOB Business/Essentials transaction. However, if the MYOB transaction has already been entered, this may lead to a duplicate entry. In such cases, you can resolve the issue by matching the transaction to the bank feed. To do this, click on the expand arrow (>>) to reveal the "Match transaction" option, tick the transaction you want to match, and then save it.
If a duplicate transaction has been created, it will typically appear as a "Spend Money" transaction, which you can find under "Banking" in the "Find transactions" section. To rectify this, open the duplicated transaction and click on "Delete."
Please do let me know how you go on this.
Regards,
Earl
