Superannuation Reconciliation report help

I am trying to reconcile eoy Superannuation accounts. My payroll summary looks right and I am trying to reconcile this to the balance sheet.

My balance sheet report is showing an amount which does not equal the payroll summary report. On the balance sheet, upon clicking the amount, the amount in the credit column equals the amount on the payroll summary. What filters have I got set incorrectly?

There is a debit column (cheques paid to super funds), a credit column (weekly super amounts paid to employee), original amount column (a combination of both debit & credit without a balance at the bottom), a balance column (this is the incorrect amount displaying on the balance sheet. There is an amount at the top of the report before the date range commences)

Any help greatly appreciated:-)

Comments

John Graetz

Is it out by the same amount that appears at the top of the report before the date range commences? Have you checked to see what that amount relates to? Depending on whether you are using Accrual or Cash Accounting, there could be an amount brought forward from the previous year as an accrual (super owing but not yet paid). John L G

Julie C

The amount at the top and bottom of the report is out by the same difference of the debit & credit column.

I'm following the payroll & stp eoy processing and I am wondering if it is because the opening balance in the data file has been there without being reconciled.

John Graetz

That is quite possible, Julie. If you just change the dates on the report to the prior or prior years, you should be able to trace it back and see whether this same things happens for the prior year/s. John L G

John Graetz

Julie. It could also have something to do with a cheque that has not been coded to the correct account when payment was made at some time in the past.

Another way to try and identify if something has not been paid in the past, or to more quickly identify an error is to go to Employee Centre> Payroll Taxes and Liabilities> Create Custom Liability Payments and then select a date range of say 1/7/2020 - 30/6/2021 (or an even wider date range) and see whether this shows up a payment that has never been made. By what you have said, this error appears to emanate from prior to 1/7/2021. John L G

John L G

Julie C

Thanks John, I think your'e right. Lot's of work for me ahead

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