pay made into incorrect account

brill
Experienced Cover User
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Experienced Cover User
Australia
Experienced Cover User

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pay made into incorrect account

Hi,

I accidently entered a suppliers account when doing a pay run instead of the employee. (only have 4 employees) The bank returned the payment as that acc had closed. I withdrew cash to pay the employee as he needed the money to pay rent. I don't know how to enter the returned payment from the bank nor the cash withdrawal. With STP the details have already gone to the tax office and I don't want to "upset" those figures.

2 REPLIES 2
Tracey_H
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Re: pay made into incorrect account

Hi @brill 

 

Thanks for your post. If the returned amount and the cash withdrawal are the same amount and you use bank feeds one way to handle this would be to allocate those transactions to a suspense/clearing account. They'll clear each other out and the account back to zero. The pay was processed correctly and can be matched with the original withdrawal so there's nothing wrong in the software, you just need to reflect the in and out that happened in the bank account.

 

This method is only suitable if everything is correct in the software, if you need to change transactions or reprocess payments I wouldn't recommend this. It may also be worth checking with your accountant to make sure it is suitable for you.

 

With regard to STP, the YTD amounts are updated each time you send a report with each report overriding the previous one. So if you ever do need to reverse and re-enter pays, STP is automatically corrected when you send those reports. 

 

Please let me know if you need further help.

 

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

Cheers,
Tracey
Previously @bungy15

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brill
Experienced Cover User
13 Posts
Experienced Cover User
Australia
Experienced Cover User

13Posts

2Kudos

0Solutions

Re: pay made into incorrect account

Thanks. Also spoke to my accountant and she said same thing. Left the payroll payments alone and entered the cash withdrawal and returned funds from bank into an account. And they cleared each other out. Thanks again. 

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