Superannuation expense amounts appearing twice

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Superannuation expense amounts appearing twice

Frustratingly, our P&L has super payments recorded in two GL

 

One is 6-5400 and the other is 60320

 

The "spend money" transactions in the 60320 ledger do not add up to equal the transactions in the 6-5400 ledger

The spend money transactions seem wrong seeing as we use the MYOB Super portal to pay the required super.

I cant remove the 60320 entry from the P&L report. It is unfairly affecting the real profit.

 

Super paid through the MYOB Super portal shows as PY or Pay, which I gather is correct. I should not also be a spend money...

 

I have no control over these so MYOB folk, how did this happen and what can I do to have just one super GL please?

 

Garry W
MoW MYOB query on super x 2.png
MoW GL 60320 spend money.png
MoW MYOB 6-5400 GL pay.png
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Accepted Solution Solved

Re: Super by two!

Hi @MealsOnWheels 

 

When you process an employee's pay in which superannuation occurs a liability and an expense account are impacted. The liability account, typically 2-3200 Superannuation payable, is impacted as you have a liability to on pay the super amounts to the employees. The expense account, typically 6-5400 Superannuation expense, is also impacted as there is an expense to the business to provide that superannuation.

Once superannuation has been paid, through the MYOB Super Portal the user would need to record a Spend Money transaction from the relevant bank account to that superannuation liability accounts as you have cleared that liability as you have paid it. Ideally, the expense account is not touched again. Alternatively, rather than record that Spend Money transaction at the time of making the superannuation payment via the MYOB Super Portal you could wait until the banking transaction comes in and allocate that to the liability account.

 

What can happen, and what it looks like has happened is that when you have received the bank transaction in for that superannuation payment it has been allocated to an expense account. What this impact will do it will double your superannuation expense (as you have effectively double-dipping on the expense; once with the payroll transaction and then again with the allocation/Spend Money). 

 

In terms of correcting what has happened in the past, my recommendation would be to go to Banking>>Bank Transactions and find the relevant transaction in the list - most likely need to update the filters. Once you have navigated to those transactions, select the grey cross (far right). This will unallocated the transaction so you can either select the allocation option to allocate it across to the superannuation liability account OR select the match option to match it to the transaction you have recorded to reflect that superannuation payment.

Kind regards,
Steven

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