How to process a refund from a Super fund?

MM_7769277
MM_7769277 Member Posts: 30 Novice Member Novice Member
edited October 2024 in Accounts Hosted
Hi all,

Our super clearing house returned an employee's payment to us because the member exited the fund and didn't tell us.

How do I process this adjustment?

I started to do a GJ entry (DR Bank / CR Superannuation Payable) but Reckon told me that GJ entries do not affect Payroll Liabilities and to use the Adjust Payroll Liabilities function in the Employees menu instead.

Then I went to Adjust Payroll Liabilities and selected her super fund. Reckon then told me:

"You have chosen a payroll item that cannot be adjusted. You can only adjust tax payroll items."

Help!

Thanks in advance!

MM

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,258 Accredited Partner Accredited Partner
    edited August 2019
    Use make deposits to deposit the funds to the liability account. Now this will create a problem because it wont show up on the employees record but it should only be a timing issue. Once you pay it you can write a cheque to the liability and it will be in balance again. Its messy but i cant see any real way round it. Of course you need to alse set up a new super account with your default industry super fund but you know that already
  • MM_7769277
    MM_7769277 Member Posts: 30 Novice Member Novice Member
    edited January 2017
    Hi Kevin,

    The Make Deposits screen only shows Bank, Accounts Receivable and Other Current Asset accounts. How do I get around this?

    Thanks
    MM

  • Zappy
    Zappy Accredited Partner Posts: 5,258 Accredited Partner Accredited Partner
    edited August 2019
    The deposit is to the bank and it goes back to liabilities. You see there us always two sides to the entry. Its because of that Italian guy Pacioli. He invented accounting.
  • MM_7769277
    MM_7769277 Member Posts: 30 Novice Member Novice Member
    edited January 2017
    "The deposit is to the bank and it goes back to liabilities."

    I'm sorry, but this doesn't make any sense.

    And, I understand double-entry accounting. I have my Cert IV.

  • Zappy
    Zappy Accredited Partner Posts: 5,258 Accredited Partner Accredited Partner
    edited August 2019
    In the FROM ACCOUNT column select Payroll liabilities. Sirey. I felt like i was pretty clear. I should have clarified.
  • smls finance
    smls finance Member Posts: 4 Novice Member Novice Member
    edited August 2019
    Hello,

    A belated input, but good for future reference.

    I had the same situation, super payment went to the old/wrong Super fund and got refunded by the clearing house the next month.

    Here's what I did:

    1. Record Deposit: (From Account: Specific Payroll Liability - Superannuation ) Supplier is the clearing house.
    2. Enter a Bill: Pay to clearing house.
    3. Create a specific contribution for this repayment in the clearing house.
    4. Lodge & pay this contribution.

    I hope this helps!
    Ta,
  • Zappy
    Zappy Accredited Partner Posts: 5,258 Accredited Partner Accredited Partner
    edited October 2017
    You do not need to enter a bill. Thank you
  • smls finance
    smls finance Member Posts: 4 Novice Member Novice Member
    edited October 2017
    Hi Kevin,

    Thank you for the comment. I believe I have to as I received a refund. Otherwise my books and the bank won't reconcile. Happy to hear more comment/correction.

    Ta,
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