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Finalising a pay run in MYOB Essentials

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Experienced User Danielle22
77 Posts
Experienced User
Australia
Danielle22
Experienced User

77Posts

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Finalising a pay run in MYOB Essentials

Practising on MYOB Essentials:

Payroll
How do I finalise the payroll in MYOB Essentials. I have run the payroll, can view pay run but the transactions are not visable in the bank reconciliation report (unreconciled), Dashboard or bank transaction history?

It appears as though payroll has disappeared into the eather! :-).

Bank Reconcilations

Process appears to be very different to Accountright. Am I attempting to reconcile to the MYOB Essentials balance. It seems to be the opposite to Accountright where we reconcile entries in MYOB to balance appearing on our bank statement.

Accountright is way easier than MYOB Essentials - rumour has it that this system will replace account right. I trust this rumour is simply a rumour!. :-)

Thank you

1 REPLY 1
MYOB Moderator Hayden_B
5,988 Posts
MYOB Moderator
Australia
Hayden_B
MYOB Moderator

5988Posts

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Accepted Solution Solved Solution

Re: Finalising a pay run in MYOB Essentials

Hi @Danielle22,

 

Thank you for your post.

 

In regards to your Payroll query: After finalising a Pay, this should create a PY Transaction against the specific account chosen in your Payroll Settings.

 

If you still cannot see this transaction at all, I suggest checking your Payroll Settings to see what Bank Account is set there.

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If you still cannot find the transaction on that account, go to the Employee's Pay History and check to see if that Pay run exists and try looking at the Banking History page for the relevant Date and Net Amounts.

 

 

In regards to your Bank Reconciliation query: The reconciliation process has definitely changed and is designed to be as simple as possible.

 

temp.png

Assuming you use Bank Transactions (Bank Feeds or importing a Bank Statement), after you have allocated or matched all transactions and go to the Bank reconciliation page to ensure the balances are correct. Simply enter the Reconciliation date to have the window calculate the closing balance as of that date.

 

 

If you have no transactions with the Pen status; then your Calculated Bank Balance will match the MYOB Essentials Balance. If the MYOB Essentials Balance matches your Bank Statement Balance for the relevant date, this should be enough.

 

If you do have a few transactions with the Pen status; simply tick all transactions to see if this balances is correct compared to your Bank Statement.

 

A thing to note is the MYOB Essentials Balance is the Closing Balance on a Ledger-Standpoint and will be the figure displaying on your Balance Sheet. In AccountRight, the Calculated Balance is what was ticked off, if you did not tick off some transactions this Calculated balance was not true on a Ledger-Standpoint. The design in Essentials is to prevent any further confusion and ensure the balances are true from the start.

 

 

As for your statement regarding Essentials superseding AccountRight, as it stands right now we have no plans for 1 product to take over the other at current and would like to ensure both products reach their peak potential for our Clients.

 

If you have any questions with the information above, please feel free to ask.

 

Cheers,
Hayden

MYOB Social Support


Cheers,

Hayden
MYOB Product Analyst

Helpful links:


Product Ideas: AccountRight | Essentials | MYOB Capture | MYOB Invoices
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