I'm expecting/hoping? Amanda will jump on this one!
I am doing a bank rec in QB and have a problem. In QB the amounts paid to employees when you run the payroll is lumped altogether as one sum in the bank rec window. When I actually paid the employees through the physical bank, I ommitted one of the employees, so consequently one of them didn't get paid until the following month. (It's ok, she was ok about it...lol).
My question is, can I separate this out somehow for the purposes of the bank rec, as if I tick the whole of the payroll sum it leaves the bank rec out by the amount of the pay not gone through yet?
The bank rec won't let you continue on QB unless its all correct unlike sage. If you click thats its OK onthe QB Bank rec then the difference say £500 will then be entered automatically as a journal entry as a diference in the bank rec, (can't quite remember what it says), so I suppose another way round it would be to do a journal maybe to take the amount of £500 out of the equation although technically its still on the payroll bit so it doesn't mess up the tax and NIC etc. and then next month do a reverse journal for that one person so the bank rec will be correct for next month and then do the next months pay as normal etc.
Haven't had this problem before so not sure if what I have said will work. If its an entry like I have paid someone twice, like a supplier if I have entered the invoice twice and paid it twice then its easy to delete the transaction, but with Payroll not sure as its got to be done correctly due to the TAX and NIC.
Maybe Rob or Sheila on here may have an idea thats different to mine. Rob's will be in Sage but thats easy enough to convert to QB info.
another thought, looking at 'T'Accounts etc, if you credited Payroll £xx and Debited Bank £xxx that would get rid of the entry to the bank on QB? (I think thats the right way round)!
The the following month reverse it? My brain isn't working very good tonight due to overload last night, (see another post), luckily Shaun and Steve are wiz kids on the Laptops and have hopefully sorted out my probelm with mine!!!!
Anyone else have any thoughts on this for Pauline.
Many thanks for the thoughts Amanda. I will have a go at what you suggested and let you know how it goes. Luckily I have a copy of QB on my pc at home so I can mess about with the postings to my heart's content before having a go at the live data.
My brain isn't working too well at the moment either as my dad passed away yesterday after a short illness so won't be at work for a while anyway.
If you just forgot to pay the employee (but have paid the NICs and tax over to HMRC) then the easiest way to deal with the missing net payment is to change the amount in the bank to the actual amount paid (ie the wages less the omitted one) and then write a cheque (QB not physically) dated the following month for the omitted net payment which will reconcile with the following months' figures.
Just thought I'd let you know how I had to deal with it. I couldn't change the amount that had been posted through the bank, QB wouldn't let me, as the payroll payment was lumped together as one sum, I couldn't change the individual payment. I just did a general journal debiting the bank and crediting the Payroll liability account. This enabled me to complete the bank rec and then next month I will reverse this journal.
