How to receive money thats not form a customer or supplier
an old employee has accidentally received a wage from the company in error, the employee has returned the funds back via a bank transfer. How would i record this in Reckon Hosted?
Answers
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If the payment & return are both in the same month, I would post both to the Wages expense account.
Enter the payment as a Write Chq to the employee name - Do NOT use a tax code on it.
Then enter the return as a Make Deposit, from that same employee name, back to that same Wages expense account.
These transactions will then offset each other 😁
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Perfect, thank you so much :)
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A question to you, Shaz. If this payment was reported to the ATO via STP would there not also be a need to delete the payment from the original lodgement and re-do it? John
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@John Graetz Absolutely … but CuttingEdge stated an old employee happened to be paid "accidentally", so I took that to mean a Paycheque was never actually created (eg that they just EFT'd money to the wrong person) … in which case it wouldn't have been reported via STP in the first place 🤔
@CuttingEdge Can you please confirm that's the scenario ? If it was actually processed via payroll as a Paycheque, then my previous advice is incomplete as in that case yes, you would indeed need to also delete the inadvertent Paycheque !!!!
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! *** Bookkeeping & 1-on-1 customised software Training/Troubleshooting ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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can confirm not processed through payroll or reported to ATO
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