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I am wondering whether we are duplicating allocations for pays. We are allocating pays to our dropdown menu Wages but I notice that while doing reconciliations it also allows me to allocate the pay to a particular payroll ie 'matched to payroll'. We pay our staff manually - I should really do it electronically as it would save time. My concern though is that we appear to have been counting payrolls twice - creating a duplicate. Is that possible?
When you set up payroll, you nominate which bank account the payment must come out of. If you select you bank account, then each payment will already be recorded. You must match the bank feed to it, as you suspect.
By allocating the bank feed to wages, you are indeed doubling up.
Thanks Ian. I've just taken over and apparently no one had changed the bank account settings that the payroll was coming out of until a few months ago. So the payees were being allocated to wages and I believe duplications were occurring. That's what our accountant said. So how do I go back and match those employees when doing the current BAS if the wrong bank account was noted under payroll settings?
Further to @IanChait's reply, if you have allocated pays to your wages account, this will have created a Spend Money transaction, resulting in the duplications. To correct this you would need to delete the Spend Money transactions and match the payroll transactions to bank transactions.
These help articles will help with this:
Please let me know if you need further help.
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@Tracey_H has replied with links to fix the problem. To prepare the BAS, you can print the Payroll Summary Report which will have the correct Payroll figures that you will need for the period.
You can then correct the entries later.
Thanks Ian and Tracey.
For the BAS, you only need W1 ans W2 for wages. These figures are the totals on the Payment Summay Report. So you don't need to fix the bank entries to prepare the BAS.
The quick way to fix the bank entries, is to allocate the wage payments on the bank feed (the account from which they were actuall paid) to the account that was used when processing the pay run. You can the go to the Bank Reconciliation screen, select the account that the payroll was recorded to, and manually tick the debits and credits relating to the payroll entries.