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LC500

Experienced Cover User

Joined 9 years ago

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Re: Online payments
Thank you, it appears to be set up correctly from what I can see, and it had not been reconciled. I also went to the correct bank account. I have also found the explanation for the fees in the second screen shot, it appears these were bpay charges which is odd as I have not selected bpay as an option in the settings.
1 month ago Place AccountRight: Payroll
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Online payments
Hi, over time I have had a number of the automatically generated transactions not happen, I have attached a screen shot of the latest one this week. I am happy to create a bank transfer to match the transaction to in my bank feed but wondering why it is happening? Also in the same screen shot is 4 transaction that normally do not appear in the account, I have checked the transaction in my bank fees and it is different to the normal one in that it only has one line not two.
1 month ago Place AccountRight: Payroll
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Re: Multiple account balances incorrect
Yes it looks like there are transactions that have been purged. I guess thats a dead end then. Thanks for the advice.
4 years ago Place AccountRight: Accounting & BAS
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Re: Multiple account balances incorrect
I have found and rectified all issues going back to June 2015, unfortunately its still out of balance and what is weird is that the report on the company auditor gives a different out of balance figure than the recievable reconciliation report. One say $95.92 out and the other says $88.92.
4 years ago Place AccountRight: Accounting & BAS
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Re: Multiple account balances incorrect
Ok I have found one transaction but its from 2017, its an incorrectly coded discount which was allocted to trade debtors not income. I plan to reverse the transaction and redo it correctly I will date both the reversal and new transaction at todays date is that correct? the discount was applied to an invoice will I need to redo that?
4 years ago Place AccountRight: Accounting & BAS
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Re: Multiple account balances incorrect
Thank you for your reply Tracey, I realised afterwards that my question was far too broad. Anyway I know that my accountant does provide adjusting entries but if my memory is correct its only because my previous book keepers have requested it, he certainly has told me its not necessary. Thanks for the PAYG reconciliation tips i will have a look altough i think most of the errors have occured many years ago. I did use the company auditor and that showed up many of the issues but not always solutions unfortunately. For example how would I find an error in trade debtors balance? MYOB has made 4 suggestions which dont appear to be the solution even if I reversed them. I have attached the report.
4 years ago Place AccountRight: Accounting & BAS
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Multiple account balances incorrect
I have am a business owner who has relied on book keepers to manage my MYOB over approx 25 years. We send the figures to the accountant once per year who does my tax. This year I decided to inspect the figures myself and started asking some question about balances etc, Well it has been an eye opening experience to say the least, I have uncovered many errors and incorrect procedures. I have been able to fix many of them and have revised numerous BAS going back 4 Years but the issues go well beyond that period. I will put a list of issues below and would appreciate some guidence as to how I move forward to correct the issues GST recieved Balance is out GST paid balance is out Linked recievable doesnt match invoices by a small amount Payroll deductions payable balance incorrect PAYG Tax payable balance incorrect Superannuation payable balance incorrect, super has been paid but maybe the proper process wasnt followed
Solved
4 years ago Place AccountRight: Accounting & BAS
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