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alect
Level 4

How do I record a refund of a super guarantee payment for an employee from the super fund.

I paid the last quarter's SGP payments for staff through Beam.

 

One employee's super fund has advised that the employee closed their super fund so they can't apply the payment and are going to refund it to us.  The employee has now advised of their new super fund.

 

Once the refund comes back from their old super fund, how do we enter into QBO so that it's queued up for the next Beam batch to be paid to the new super fund for that employee?

5 Comments 5
Steven_Product Champion
QuickBooks Team

How do I record a refund of a super guarantee payment for an employee from the super fund.

Hi alect, 

 

When the batch amount returns to your bank account, you will still need to manually create a batch payment for the employee's super funds to be sent.

 

In regards to the returned funds sitting in the For Review tab, you are free to Categorise the deposit as a refund, adding/matching it to QuickBooks for reconciliation purposes. From there you can consider creating a Journal Entry to show that amount being returned to increase the Super Liability, preparing the account for when the next batch is processed, expensed, then liability can be lowered back down by the next Super fund Expense that arrives in your bank account, and added then to QuickBooks.

 

Whilst we are not trained accountant's ourselves, this is just one option you could potentially try to include the refund and prepare for the next batch. But I would encourage you to reach out to your accountant or bookkeeper to confirm this is the best approach for your books. 

 

-Thanks

 

Steven 

alect
Level 4

How do I record a refund of a super guarantee payment for an employee from the super fund.

Thanks.

 

I've recorded the refund as a refund into Superannuation Payable.

 

But now how do I assign this to the relevant employee for it to be included in the next batch payment?  I just created a new batch but the amount doesn't come up for that employee.

Steven_Product Champion
QuickBooks Team

How do I record a refund of a super guarantee payment for an employee from the super fund.

You won't be able to reallocate it to the next batch. The refund you organised within QuickBooks accounts has made sure your Superannuation Payable balance has been restored since the payment bounced back. 

 

In regards to your Beam clearing house, what is the current status of the original batch? If the batch has failed but is not letting you recreate the same amount again, it would be best to reach out to our friendly support staff so we can escalate this for you. 

 

Please don't hesitate to contact us by clicking here.

 

Thanks, 

 

-Steven

 

 

alect
Level 4

How do I record a refund of a super guarantee payment for an employee from the super fund.

The original Beam batch shows as "Sent to Fund with Refund" and it shows within the batch the employee's $$ as excluded.

Steven_Product Champion
QuickBooks Team

How do I record a refund of a super guarantee payment for an employee from the super fund.

Thank you for getting back to me so quick. If the status still remains Sent to Fund with Refund and the actual refund has arrived in your bank account after processing periods it should allow you to do a new batch with that payment. If it doesn't I would kindly ask you reach out to us through our support channels please so we can escalate.