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Reconciling Monthly Wages

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kellz
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kellz
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Reconciling Monthly Wages

I am having issues reconciling wages.

 

I am a company with only myself employed and currently I withdraw a set amount as I need it. SO when I do my payslips i do it as monthly as it varies.

 

However my issue is now that i have set my bank feeds it puts my wages through twice when reconciling.

 

Last month since my bank feed was set up halfway through the month i just transferred the wage transactions to an account which i called payroll (from advice i read through the forum) so my bank balance was correct.

 

can someone advise what the best thing to do here is? I know it would be easier to put the exact amount through however sometimes i would need to pay myself twice in one week which i dont think i can do through MYOB payroll

 

HELP!

 

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MYOB Moderator Steven_M
30,450 Posts
MYOB Moderator
New Zealand
Steven_M
MYOB Moderator

30450Posts

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Re: Reconciling Monthly Wages

Hi @kellz 

 

When you get a bank transaction in that relates to an MYOB Essentials Payroll transaction the recommendation is to Match the MYOB Essentials transaction with the bank transaction. If you select to allocate that transaction to an account like wages and salaries you may be doubling your expenses; one for the actual payroll and one for the bank transaction.


If you have done that, you would need to go to Banking>>Bank transactions, navigate to the required transaction and select the grey cross (far right-hand-side) to unmatch that transaction. Once that transaction has been unallocated you can then select the associated payroll transaction using the Match function to match it to.

 

Generally speaking, clients will do their payroll transactions in MYOB Essentials first and then use that as the basis to pay the employees. While you can do it the other way, i.e. banking first, you would just need to ensure that the net pay of that MYOB Essentials payroll transaction matches that of the amount processed by the bank so it can matched in MYOB Essentials.

Kind regards,
Steven

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