Forum Discussion
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.
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