Superannuation
If I have paid an employee super twice and doubled up, can I enter zero super in next pay run? The super has been accepted and paid.
Forum Discussion
11 Replies
Hi Businesspro,
Thanks for your post, and welcome to the Community Forum. Processing zero pay for the superannuation payment for the next month to rectify the overpayment made for this month isn't possible, as the superannuation payment is calculated depending on what the employee earned for the pay period. I recommend that you process a separate payment with only the super amount in it. Since you will deduct the overpayment amount, make sure to enter negative figures equivalent to the overpayment. This article will give you the steps to making a negative superannuation payment.
Please note that if the overpayment is not refunded, process a Pay Liabilities transaction for the offset. This will record a withdrawal transaction, and you'll still have the reversal transaction as a deposit. Manually reconcile these two transactions in the Reconcile Accounts window because they clear each other out. The only transaction you'll need to record is a payment liability if the amount is not refunded. Otherwise, it's all just matching transactions.
Feel free to reply if you need further help. I also recommend getting in touch through our online help center, MOCA, whenever you need immediate assistance with this.
Otherwise, if my response has answered your question, please click on "Accept as Solution" to help other users find this information.
Kind regards,
Shella
Hi Shella
Thank you for your help. As there is one overpayment of super. I'm assuming I need to ask Hesta Super to refund the amount?
This would be because I cannot put through a pay run with a zero amount for super?
The extra super payment still needs to be refunded, correct?
Hi Businesspro,
Thank you for your response. You're right. For an overpayment refund, you will need to get in touch with the superfund. Once this is done, you can proceed with the super payment along with the pay run during the next pay period as usual.
Feel free to create a new thread if you require any other assistance.
Thanks,
GenreveHi Genreve
I will contact the Super Fund to return the overpayment. However I already Reversed the incorrect pay run to cancel it out in Myob. Is this okay? Even though I haven't received the refund as yet.
When I reversed the extra pay run it automatically was a negative superannuation figure as well as all items, base hours, leave and sick accrual. I assume this is enough as it was sent through STP and "accepted". That means all I need to do is allocate the refund in the Bank Feeds when it appears. Is this correct?
Hi Businesspro,
Thank you for the update. Since you have reversed the whole pay run, as the ATO accepted this, it will not be recorded to the ATO. What you'll need to do next is reprocess the pay run with the correct superannuation payment amount. This will correct the figures in the ATO containing the correct pay super amount for the pay period.
Once you receive the refund for the overpayment, you may record it as received money to allocate the refund correctly.
Feel free to reply if you need further help. I also recommend getting in touch through our online help center, MOCA, whenever you need immediate assistance.
Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.
Kind regards,
Shella
