Forum Discussion
Thanks for your reply and advice Genreve_S
My employees are already deselected from form bank file payment setting but I am still getting my wages doubled up when viewing bank reconcilation and on my accounts list.
I'm trying to understand how journaling the 'wage transactions from the electronic clearing account to the chosen bank account' is correct? surely if the wages are being allocated to the electronic clearing account then they need to be journaled from this account back to the wages account?
Would an easier way going forward be to change to payroll settings that the wages are set to the wages account instead of having to journal each time. I looked in the payroll settings and it dosent appear I can edit this anywhere?
Hi RUNCO,
Additionally, to address this issue, please follow these steps:
- Navigate to Accounting > Chart of Accounts.
- Select the account you want to modify.
- Check the opening balance for the ledger requiring reconciliation.
- If the opening balance is ZERO, adjust the OOB amount accordingly.
- If the opening balance is non-zero, the user will need to reconcile again.
I agree with Genreve_S suggestion. If you are encountering issues, it's likely because you're processing payroll to the electronic clearing account and allocating your bank feeds from the bank transaction window. Instead, consider transferring wage transactions directly from the electronic clearing account to the designated bank account.
Feel free to post again, we're happy to help!
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Regards,
Earl
- RUNCO2 months agoExperienced User
Thanks for your reply Earl_HD
Can I ask for some clarification around ' it's likely because you're processing payroll to the electronic clearing account' I dont think I have any choice in how this payroll is processed and coded to the clearing account?
Secondly 'and allocating your bank feeds from the bank transaction window' yes I do allocate from here, this is how I have always coded my wages.
As per the previous advice from Genreve_S I have recoded (from the bank feed) my wages to the clearing account. Then I have created a journal for the total amount (showing in the clearing account) from the clearing account to my cheque acount. On reviewing my chart of accounts the clearing account is now 0, which is great however this journal has not moved the amount to credit into my wage expense account (where it should be) and my cheque account is now over stated by this amount. Also in my bank reconciliation, this figure is showing out of balance including the wages individual amounts that I just journaled as a total.
I feel like Im taking one step foward and two steps back.
- Princess_R2 months agoMYOB Moderator
Hi RUNCO,
Thanks for your response.
When you receive a bank feed transaction, you should match it with your recorded MYOB transactions. If there's no transaction showing from the match bank transaction window, you can allocate your bank feeds into your MYOB account. Once you allocate a bank transaction, a matching transaction is created in MYOB. For example, if you allocate a withdrawal, a spend-money transaction is created. If you allocate a deposit, a receive-money transaction is created.
You might want to check out this link, which has some scenarios about payroll clearing accounts. It could give you a better idea of what's going on. If things still don't add up because of the wages you've journaled,. It would be a good idea to give our phone support team a call, as this issue seems a bit tricky and might need a closer look or a chat with our virtual assistant, MOCA, on our website.
Additionally, you can submit a support request via My Account.
Feel free to reach out if you need further help.Cheers,
Princess