Incorrect payroll payment made & refunded

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Experienced Cover User
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Experienced Cover User
Experienced Cover User

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Incorrect payroll payment made & refunded

I've just started using the Payroll feature for a new employee.  I'm using EFT payments manually from our account.

 

In the first pay run I incorrectly paid him the full salary amount, including the PAYG tax amount. I've had the employee refund the PAYG component so currently I have two amounts the debit for say $2,000 and the credit for say $600 sitting on my dashboard.

 

Naturally the paid amount doesn't reconcile with the payroll record. How do I correct this so that the correct amount ($1,400) can be allocated to the payroll and that record reconciled?

 

 

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MYOB Moderator
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MYOB Moderator
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Re: Incorrect payroll payment made & refunded

Hi @Brattman 

 

It might be worth getting your accountant to weigh in on this, just to get their opinion on how they would like you to handle this in your software.

 

However one possible way to do this would be to delete and redo the pay with the correct amount. To make up the difference you could use a Spend money transaction to record the overpayment payment coming out of the bank account. Within MYOB Essentials you’ll be able to match both of these to the one withdrawal from your bank account.

 

In terms of reflecting the amount coming back in, you could use a Receive money transaction. This will then be able to be matched to the deposit into your bank account for when the employee repays the amount

Regards,
Neil

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