payroll adjustment

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Casula
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payroll adjustment

Had an employee on workers compensation for several months. I have run a GL for the income and wages paid and it shows an issue with an overpayment in the wages paid on Work Cover. I need to change a pay run from April to be base wages not workers compensation to ensure that the GL balances correctly. If I delete the pay which is reconciled and re-enter the pay run, this will throw the reconciliation out. Do I re-reconcile with the April bank statement as I am currently up to June reconciled.

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Ultimate Partner Kym__Yeoward
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Re: payroll adjustment

Hi @Casula - welcom e to the Community Forum.

 

First, add up all the gross wages that were incorrectly classified as workers comensation payments, for the period from  April to June and note the amount.

 

Then in Accounts, create a General Journal for that amount, allocated as:

 

DR 6-xxxx Wages (base)                                $xxxxxx
CR 2-yyyy Workers Comp Claims Clearing                 $xxxxxxx

 

Then you won't need to re-run your pays or re-do your bank rconciliation.

Just ensure you tell your accountant about the journal entry.

Include as much details as you can, on it's Description line.

 

Note: If the workers' comp. wages were instead allocated to 6-zzzz Workers Comp Wages, use that account number for the CR credit line, instead of 2-yyyy WC Claims Clrg.

 

Kym Yeoward, CPA & CC

Darwin (Palmerston)

Casula
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Australia
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Re: payroll adjustment

Many thanks, that worked. I couldn't work out how to do it. Have now done that and run a P&L which shows all amounts correct

Ultimate Partner Kym__Yeoward
1,642 Posts
Ultimate Partner
Australia
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Re: payroll adjustment

Hi @Casula - if my post helped you, you might like to mark it as an "Accepted Solution"

 

Kym Y

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