Bank Reconciliation

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  • Updated 2 years ago
Help...  I am a volunteer for a small golf club and look after data entries into Reckon Accounts.  when it comes to tricky transactions I am a novice.  I am trying to reconcile my bank register with our bank statement.  My problem is that the person who processes the payroll accidentally paid the wrong amounts (manually) into the bank accounts for two staff members.   He underpaid one and overpaid the other.   The entry shown in the bank register is correct.  The amount he paid and reflected in the bank statement was incorrect and was not corrected.  He adjusted the following weeks pay to correct the error.  When reconciling I looked at adjusting the end balance but this then puts the start balance out for the next reconciliation.  Can anyone give me guidance on how to fix this?
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Marg Young

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Posted 2 years ago

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Kevin Russell, Accredited Partner

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Yeah. This is why you should use a payroll clearing account. He has made things difficult for you. The paycheque should reflect what was actually paid. It cant be ANYTHING else. Theres laws about these things. And your staff have a right to have a payslip that is correct.
(Edited)
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DebonAir

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Hi, Kevin is correct. The only option you have it so fix the pays to each person so they are correct. The following weeks pay will also need to be changed, as they need to show exactly what was paid to each person.
If you leave the pays as they are and the second week balances out the first weeks errors then you can do the bank reconciliation including both pays and it should balance for you, IF it was all done correctly. This would be your own personal decision as it is not in accordance with payroll laws. Your choice.
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Fleur Thomson

  • 60 Points
Hi
its not that bad.  the following week the wages would have been adjusted manually to reflect the over / under pay - you will then reconcile after this next payment as all will be square.  You will reconcile the total payment per employee for those 2 periods.