Duplication on bank rec due to bank feeds.

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JCMSpreading
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Duplication on bank rec due to bank feeds.

Hoping someone can please help me.

 

We did a pay run for one of our employees - take home amount $1792, however when physically paying this out of the bank it was done over two amounts $1400 & $392.

Due to bank feeds MYOB has imported these two amounts as an E-Banking transfer, however wont allow me to match them to the payroll transaction. ( as in the $1792 is not available to be matched to)

So on my MYOB bank rec I have withdrawals of $1400, $392 & $1792 when physically it only came out of the bank once.

 

I am needing to know how can I either delete the two bank fed transactions just leaving me with the payroll transactions or do you know of another way of being able to tell MYOB that the $1400 & $392 needs to be matched to $1792.

 

Thanks in advance for any ideas Smiley Happy

 

Cheers

Susan

 

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MYOB Product Team Haydes
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Re: Duplication on bank rec due to bank feeds.

Hi @JCMSpreading

 

I see 2 options with this:

 

1. Split the pay into 2 Transactions allowing us to Match them

 

To do this, we can delete the Employee's Pay and then set this up as if it were paid into 2 accounts, this way the 1 pay in Essentials will be split up into 2 transactions we can match with the Bank Transaction.

 

This can be done by:

1. Deleting the Pay (See: Changing or deleting a pay)

2. Setting up the relevant accounts for the split pay (See: Split a pay between multiple bank accounts)

3. Re-doing the pay

4. Matching the Bank Feed to the 2 Transactions.

 

We can then reverse the setup for that Employee if we will not be doing 2 transactions again.

 

2. Use a Clearing Account to balance the Bank Account.

 

This is done by Allocating the 2 Bank Transactions to a Clearing Account so that way we have:

1 Withdrawal of $1400

1 Withdrawal of $392

1 Withdrawal of $1792

 

Then once the Bank Transactions are allocated, we can then use a Transfer Money to return the amounts FROM the Clearing Account and back to the Bank Account it came from.

 

This way we'll effectively have:

2 variants of $1792 leaving the account.

1 Returning amount of $1792

 

The end result will just be 1 outgoing $1792 amount allowing the end-balance to Reconcile. Note that you will need to manually reconcile this amount. See: Reconciling with a paper bank or credit card statement

 

 

Let me know if you have any questions with this.



Cheers,

Hayden (Ex-Moderator)
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Re: Duplication on bank rec due to bank feeds.

Hi Hayden

 

I have have just joined the MYOB community. I am in public practice located in Auckland and look after small clients who mostly use Xero. I have recently taken over a client who is using MYOB essentials. 

 

When doing the bank reconcliation I noticed that there were a few payroll transactions showing as outstanding withdrawals and  similar amounts were showing as unallocated. On further investigation I found the reason for the 2 not matching was a slight difference in the amounts e.g outstanding withdrawal was showing $1,329.51 (payroll) and in the unallocated it was showing as $1,329.58 (bank), a diiference of $0.07. There were others like this. They were few cases where there were 2 payments made but one entry from payroll.

 

My question is I cant delete the pay and redo it as most of the employees have left/inactive (it is a security company who have staff coming and going). I will have to again setup the employee to redo pays. Is there anything else I can do?

 

I know that the was mention of using clearing account and doing a transfer but in this case I am not sure how it will work. Any advice will be appreciated as I am new to MYOB. I know in Xero you can actually pay to a non bank clearing account in which case you can clear the small balance remaining in the clearing account.

Ultimate Partner IanChait
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Re: Duplication on bank rec due to bank feeds.

Hi @Account_IT

 

Essentials is great program for small operators when used correctly. It is quite messy to fix if things go wrong. In your case, it seems like you will have a lot of work, deleting entries, re-creating employees and reprocessing wages.

 

I have a simple suggestion that will make it much easier. First, allocate the Bank Feed transactions back to the same Bank account - effectively debiting and crediting the bank account. Then go to the Bank Reconcilation menu, select the Bank Account and show unreconciled items. Manually tick the entries that are made up of the multiple bank feed lines as well as the debits from the Bnak Feed allocation. Use a Spend Money or Receive Money and write off the odd differences. Manually tick these in the Bank Reconciliation window as well.

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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Re: Duplication on bank rec due to bank feeds.

Hi Ian Thank you very much for the solution. It worked beautifully. Really appreciated. I have learned something new. In Xero you can't allocate bank feed back to the same bank account.
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