Forum Discussion

accountant5's avatar
accountant5
12 days ago

Payroll reversal pay after EOFY

I entered regular staff pay for June, then a particular staff member got back to be in August saying the dates were wrong. I saw I accidentally put May date instead of June for the pay period.

So in August I reversed this June pay slip and entered the correct dates, with same pay hours etc thinking it would just cancel out. However, the net figure is different and will no longer reconcile despite all hours entered the same, and manually edited the PAYG and super figure. I'm guessing because it was paid in August, in the new financial year that it wont be the same.

Nevertheless, how do i reconcile this so the nett will be the same? 

 

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  • Doreen_P's avatar
    Doreen_P
    12 days ago

    Hey there accountant5,

     

    Let's dive in with the workaround on how to fix the payroll dates mix-up. Here's what you can do to fix it:

     

    The payment date of the pay run determines the payroll year. Since you entered the correct dates in August, it falls into the new financial year, which is why the net figure is different and won't reconcile. To resolve this, you'll need to reverse the August pay slip and reprocess it with the original June payment date. Make sure both the pay period and payment date match the original pay run transaction. This should align everything correctly and ensure the net figures reconcile. You can also check this link for more information.

     

    Best regards,

    Doreen

  • Julie_A_C's avatar
    Julie_A_C
    Partner
    11 days ago

    hi @ accountant5, 

     

    I think this has been taken so out of proportion and made complicated beyond belief.

     

    The first question should have been did they get paid the amount in June or July. If June then simple error as to the recording of period it covered and a quick email to all staff saying that the payment made xx June 2024 convered the period xx june to xx june and not may as stated on the payslip.

     

    End of story. You did not need to do a reversal and then repeat the pay run.  You have just given yourself a complicated thing to fix and explain in 3 years time (if there is ever an Audit), when you will think what was I doing here. 

    • accountant5's avatar
      accountant5
      8 days ago

      The payslip was for June paid in June, the error was that the pay period accidentally had the month of May not June in it. This specific staff member needed the payslip to have the correct dates for evidence, a simple email does not suffice (the obvious fix to this). I was not made aware about it until August. And once i was aware, MYOB instructions said the only way to edit pay period date is to reverse the payslip and re-enter it again. 

      I think you misinterpreted what happened, but thank you for you help though

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    12 days ago

    Hi accountant5,

     

    I'm glad I was able to help you. About the out of balance of your reconciliation, it would be best to undo and then redo the reconciliation to make it balance again. Here's a link that you can check where detailed steps are provided.

     

    Best regards,

    Doreen

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    12 days ago

    Hey there accountant5,

     

    Let's dive in with the workaround on how to fix the payroll dates mix-up. Here's what you can do to fix it:

     

    The payment date of the pay run determines the payroll year. Since you entered the correct dates in August, it falls into the new financial year, which is why the net figure is different and won't reconcile. To resolve this, you'll need to reverse the August pay slip and reprocess it with the original June payment date. Make sure both the pay period and payment date match the original pay run transaction. This should align everything correctly and ensure the net figures reconcile. You can also check this link for more information.

     

    Best regards,

    Doreen

    • accountant5's avatar
      accountant5
      12 days ago

      Thank you, that seems to do it! However, as I reversed it in August, what would be the best way to reconcile August bank account as it is now out of balance?
      For example: 
      the original payslip was entered in June
      it was reversed in August
      re-entered in June to achieve the same nett figure