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ArchiAcademics's avatar
ArchiAcademics
Cover User
4 months ago

Reconciling Payroll entries after bank pay run

Since moving from MYOB Essentials to MYOB Business, I cant seem to reconcile the bank entries for the payment to the matching payroll transaction. I have used the download bank file option and paid from the bank using that. 

 

Lets say 5 employees were paid $100 each and the total payrun was $500.

So the bank payments are showing up per employee (5 transactions of $100 each) while the Payroll matching transaction is showing up for the gross amount across all employees paid on that date (1 entry of $500). When I try to match the partial transaction against first employee, it is out of balance by $400 so the entry does not get saved. 

 

How do I resolve this?

3 Replies

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    4 months ago

    Hi ArchiAcademics, 


    Thanks for posting your concern in the forum. 

     

    I understand you're having some trouble matching bank transactions to payroll transactions. I'm sorry to hear about this. Generally, we aim to mirror how the transactions are recorded in the bank statement for them to match.

     

    From what I gather, your bank transactions show a bulk transaction for $500. If so, and you've processed the payroll transactions by preparing electronic payments, the transactions should automatically match as they have the same value and date.

     

    If you're still having trouble, feel free to provide more details or screenshots. I'm here to help.

     

    Thanks,
    Genreve

    • ArchiAcademics's avatar
      ArchiAcademics
      Cover User
      3 months ago

      Hi, 

       

      The bank transactions appear on an individual employee level, but the Electronic Payment entry is at consolidated level. Please see attached screenshot where for Payroll EP000005, the bank entries are not automatically matching. Even when I try to match them manually, I cant - because the amount is out of balance.

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        3 months ago

        Hi ArchiAcademics, 

         

        I hope this message finds you well. Thank you for your response and for providing clarity on your concern. We appreciate your effort in attaching the screenshot, and I apologize for the delayed response.

         

        If your bank feed transactions are appearing as individual transactions, it would be necessary to record the ledger transactions to align with the bank feeds. A suggestion would be to delete the bulk electronic payment transaction and then recreate the electronic payment in individual batches. If the dates and amounts match the bank feeds, these transactions should not encounter any issues in matching.

         

        Please feel free to reach out if you need further assistance or have more questions regarding this matter. 

         

        If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

         

        Thanks,
        Genreve