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Payroll and wages account

Sandeep9812
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Payroll and wages account

Hi there,

I have find some issue in my yearly reporting with wages account. 
it is showing double in my ledger reporting.

I usually create pay run through my myob payrun and manually transfer wages to employees. My electronics payment doesn't work as I did not activated that.

when the bank transaction updates in myob then I allocate them as "Payroll- wages and salary" account.

what I am doing wrong in this and how can I fix it???

5 REPLIES 5
Tracey_H
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Re: Payroll and wages account

Hi @Sandeep9812 

 

Thanks for your post. When you create a payrun the gross wages amount is posted to the wages expense account. When you allocate a bank transaction the software automatically records the applicable transaction.

 

This means that allocating a payroll transaction records a Spend money transaction posting the net amount to the wages expense account. As this results in both the gross and net amounts being posted to that expense account it will have an incorrect balance.

 

When working with bank transactions, if you have already recorded the MYOB Essentials transaction you need to match the bank transaction with the MYOB Essentials transaction. To do this, click on the expand arrow for the bank transaction>>click on Match transaction>>select the MYOB Essentials transaction and Save.

 

If you haven't recorded the MYOB Essentials transaction you would allocate the bank transaction.

 

To resolve your issue you will need to delete all the Spend money transactions created when allocating the payroll transaction. Then match the bank transaction to the payroll transaction. If the Spend money transactions have been reconciled you will need to undo the reconciliations and re-do them, reconciling the payroll transactions.

 

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

MYOB Community Support

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Sandeep9812
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Re: Payroll and wages account

Hi Tracy,

thanks for reply.


my another concern is how can I create payroll transactions. 
usually I do 

payroll>>create pay run>> STP

When I go to bank file section it doesn't go through as I do not have some information to put in there.

Is there any other way to create payroll transaction??

 

 

Tracey_H
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Re: Payroll and wages account

Hi @Sandeep9812 

 

If you want to pay your employees electronically using an ABA file you will need to complete the set up. This Help Article, Setting up electronic payments, has full instructions.

 

If your previously processed pay runs are in the Prepare electronic payments window you will to complete the set up and process the electronic payment. When you click on Download bank file in the Prepare electronic payments window, the bank file is created to be uploaded to the bank for processing. And the electronic payment transaction is recorded which moves the amount from the electronic clearing account to the bank account. You would then match the electronic payment with the bank transaction. 

 

Please let me know how you go.

 

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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Sandeep9812
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Re: Payroll and wages account

Hi Tracy,

the solution looks great.

 

Just last question, if I create the electronics payment for the previous manually paid wages and download the bank files, would bank pay that created amount to the employees. As I already paid them when I create the Pay runs.

 

or I don't need to download bank files now??

 

Tracey_H
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Re: Payroll and wages account

Hi @Sandeep9812 

 

Glad to hear that information has been helpful.

 

When you click on Download bank file, the file is created and downloaded. In order for it to be processed and paid you need to upload that file in internet banking and authorise. So in the situation where employees have already been paid, click on Download bank file to record the electronic payment transaction but don't upload the bank file to your bank. I'd recommend deleting it from your downloads folder so that it doesn't get uploaded in error.

 

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

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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