Tracey_H
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Bank Reconciliations
Hi Everyone! Reconciling your bank accounts is one of the most important bookkeeping tasks. Depending on the business it can be done daily, weekly, monthly or quarterly. What is a bank reconciliationand why is it important? A bank reconciliationis the process of matching the transactions in your accounting software with the actual transactions in your bank account. It allows you to check that all bank transactions have been entered into your software, ensuring your financial reports are an accurate reflection of your business. It also helps find data entry/payment errors that need to be corrected and verifies your cash flow. How do I reconcile my accounts? Depending on your software and whether you use bank feeds there are different procedures for reconciling your bank accounts. But the end result will always be the same, the Closing balance on your bank statement will match the Calculated balance in your software. You can find step-by-step instructionsfor your software in these help articles: AccountRight What if my account doesn't reconcile? If your account doesn't reconcile you need to find what is causing the out of balance and make the necessary changes. Some of the common causes for an out of balance amount are: the wrong date has been entered the wrong balance on your statement has been entered not all bank transactions have been recorded in your software a transaction is selected that doesn't appear on the bank statement a transaction amount has been recorded incorrectly, eg, $217.50 instead of $271.50 a previously reconciledtransaction has been deleted or changed in your software causing it to become unreconciled To help you find the cause and correct any errors our help articles have detailed information on reconcilingyour bank accounts: AccountRight: Resolving out of balance bank reconciliations We hope you find this useful. As always, if you do need help please start a new post. Our team of MYOB technical support staff and the generous MYOB Community is always happy to help.4.1KViews3likes0CommentsRe: Child Support reporting to ATO via STP phase 2
Hiaccouts Thanks for your post. You can't currently report your child support deductions to the ATO via STP from AccountRight and MYOB Business. This means you can assign Not Reportable as the ATO Reporting Category in your child support deduction payroll categories. 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.367Views0likes0CommentsRe: Clearing Eftpos from Bank Feed
HiFlowtek15 My apologies, as you posted on the MYOB Business board I provided information for that product. Checking the account linked to your Forum log in you're using AccountRight. In AccountRight you will need to allocate payments to the Undeposited funds account and process Prepare Bank Deposit transactions. The following Help Articles have information on this process: Matching a bank feed to multiple transactions About undeposited funds Prepare a bank deposit 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.621Views0likes4CommentsRe: Forward Payslip To 2nd Email Address
HiKimstar1982 Thanks for your post. Having a look at the account linked to your Forum log in you're using AccountRight, however, you've posted on the MYOB Business board so I'll provide information on both. In AccountRight you can override the default email address by emailing payslips from Payroll>>Print/Email Payslips. The Payroll Advice report displays the payslip information and can be emailed or exported. In MYOB Business it's not possible to override the default email address. You would need to change the email address in the employee card. The Pay run history report displays payslip information and can be exported to PDF or Excel. 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.449Views0likes0CommentsRe: Pay rate change
HiGinaC Thanks for your post. Having a look at the account linked to your Forum log in you're using AccountRight, however, you've posted on the MYOB Business board so I'll provide instructions for both. In AccountRight: go to Cards List and open the employee card click the Payroll details tab>>Wages tab enter the new pay rate in the Hourly rate field click OK In MYOB Business: go to Payroll>>Employees click on the employee's name click the Payroll details tab>>Salary and wages tab enter the new pay rate in the Hourly rate field click Save The new pay rate will apply when recording new pay runs. The Pay history isn't affected. If you need further assistance please let me know which version of the software you are using. If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.349Views0likes0CommentsRe: STP prior lodgements needed
HiKristineDns Thanks for your post. STP sends the Year-to-date (YTD) amounts each time a report is declared. This means that pay runs processed prior to STP set up are included in the YTD amounts when you send the first STP report. You can check the YTD amounts are correct by clicking on the most recent STP report>>View employee YTD report and compare the YTD amounts with the MYOB Business payroll reports. The ATO don't allow STP finalisations for financial years prior to STP set up. If you need to finalise the 2021-22 financial year you will need to contact the ATO to discuss your options. 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.259Views1like0CommentsRe: Reports Don't Match after fixing STP
HiSTOCKEDM133 If the Payroll activity and Payroll register reports are not the same it means a manual change has been made to the employee card>>Pay History. The Payroll activity report gets it's data from pays recorded in Process Payroll. The Payroll register, Payroll Summary and YTD verification reports get their data from the employee card>>Pay History. This means that the only way to fix this particular issue is to change the Pay History back to what it should be. If you are using MYOB Business and have processed pays in the current year, the payroll year has automatically rolled over and the only way to fix the Pay history is for the file to come in for repair. The post, Payroll activity and Payroll register reports are not the same, has detailed information on this. If this is your issue you will need to process adjustment pays or reverse any processed adjustment pays so that the Payroll activity report is correct. Once the activity report is correct send me the following information in a private message: serial number primary contact name and email screenshot of the Payroll activity detail report for the affected employees for the full year screenshot of the Payroll register detail report for the affected employees for the full year If the Payroll activity and Payroll register reports do match, I will need you to provide detailed information on what changes were made and exactly which reports didn't match.387Views0likes0CommentsRe: Reimbursement to members account
Hibenniss Sorry to see that no one has replied to you yet. From an MYOB Business perspective you could create a liability account with the Account type as Credit card for each member. When a member pays for something record a Spend money or Supplier payment and select that member's liability account as the Pay from account. To refund an amount back to the member record a Spend money transaction, select the bank account as the Pay from account and allocate to the member's liability account. To pay an amount off a member's outstanding invoice record an invoice payment and select the member's liability account in the Bank account field. I would recommend speaking to your account to ensure this is suitable for your organisation. 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.397Views0likes0CommentsWhy can't I match employee pays in Bank transactions?
Hi Everyone If you've been upgraded to the newer MYOB Business platform and employee pays aren't appearing in the Bank transactions window the most common cause is the employee's Payment method is Electronic. We've added the ability to pay suppliers electronically in the newer platform, this means that the process for creating bank files has changed. If the employee's Payment method is Electronic, the net pay amount is allocated to the electronic clearing account instead of the bank account. You'll need to process the electronic payment transaction to move the amount from the electronic clearing account to the bank account. Before you can process the electronic payment transaction you'll need to do the one-time set up of electronic payments: Setting up electronic payments Once that's done you can make the electronic payment: Go to Banking>>Prepare electronic payments Enter the date and make sure the account selected in the Account field is the bank account Tick the applicable pay transactions Click on Download bank file Once that process has been completed you'll find you can match the electronic payment transaction with the bank feed transaction using the Match transaction option for the required bank transaction. How can I tell if pays have been allocated to the electronic clearing account? There's a few places you can check this - Go to Banking>>Prepare electronic payments, if they've been allocated to the electronic clearing account they'll be in this window Go to Banking>>Find transactions>>locate and open a pay transaction>>check the account selected in the Account field Go to Payroll>>Employees>>open the employee card>>Payment details tab>>Payment method What do I do if I have already paid the employee wages? If you have paid this employee through another means other than direct bank file i.e. cash or bank transfer, you'll still need to set up and make the electronic payment (as outlined above). This process generates a transaction in software to represent that electronic payment to ensure that your MYOB Business accounts match that of your bank transactions for reconciling. Please note: When selecting Download bank file a bank files is generated. Do not upload this file to your bank if you have already paid the employee. Doing so will pay the employee again if you upload that to your bank for processing. What if I don't want to pay my employees using a bank file? As the original transaction was processed electronically, you'll still need to complete that process for pays that have already been recorded. To prevent this situation from occurring in the future do complete the following process: Navigate to your employee's card -- Payroll>>Employees>>Open the employee's card Select the Payments details tab Update the Payment Method to Cash or Cheque If you are using this method, we also recommend reviewing your link account for cash or cheque payments. This is done in Accounting>>Manage linked accounts>>Payroll. You want to ensure that the bank account you will be using to reflect that payment is listed in this window as the Bank account for Cash payments or the Bank Account for Cheque payments (depending on the payment method selected for on the employee's card). Need further assistance? If you further help with this don't hesitate to start a new post and we'll be happy to assist.3.6KViews5likes0CommentsRe: Matching Transactions and Invoices
Hijost Thanks for your post. The transactions in the Bank transactions window are bank feeds brought into your file from your bank. They are matched with MYOB Business transactions. When an MYOB Business transaction is matched it is automatically ticked in the Reconcile accounts window. If an invoice is closed and paid, it means that a Create invoice payment transaction has been recorded. When the payment has been manually applied to the invoice by recording a Create invoice payment transaction you need to match that payment transaction to the bank feed transaction. If you don't manually record theCreate invoice payment transaction you can match the bank feed transaction to the open sale invoice. This will automatically record theCreate invoice payment transaction. So the first thing to check is if the payment transaction is appearing as a match in the Bank transactions window. If it isn't, go to Reconcile accounts and check if that payment transaction is ticked. If it is, untick it then it should appear for matching in Bank transactions. Let me know how you go with this. If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.268Views0likes0Comments