Payment summaries

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Experienced Cover User vinter
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vinter
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Payment summaries

Can you do a dummy run of payment summaries, or once they have printed once is that it.

I wanted to check to see if all was okay for when eofy comes around but unsure if this can be done 

 

Thank yuo

 

anne 

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Ultimate Partner Seattle
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Re: Payment summaries

@vinter

 

I understand you can do a trial run of Payment Summaries.

 

Some things to check before running the trial run -

 

  Are addresses correct?

  Have termination/resignation dates been entered?

  Does the Payroll Activity (Summary) Report agree to the P&L

  Do all employees have a TFN entered? 

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
MYOB Moderator Steven_M
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Re: Payment summaries

Hi @vinter

 

The Payment Summary process can be done at any time during the payroll year. Ideally you would do it at the end of the payroll year once all your pays have been entered, however you are welcome to go through the process ahead of time to ensure that you have the information correct.

You also might want to take a look at Help Article: Prepare payment summaries which does go through the process of producing those payment summaries.


Do let us know how you get on and if you require further assistance.


Kind Regards,
Steven
MYOB Client Support
Ultimate Partner Seattle
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Re: Payment summaries

@vinter @Steven_M

 

Further to Stephen's comments, Payment Summaries in Australia for a FY are issued to employees by 15 July.

 

I understand that a employee leaving Australia can request a Payment Summary during a FY and the employer must provide it within 14 days.

 

The Bank Account must be reconciled up to last payment date.

As my clients have less then 10 staff, I have a separate expense ledger for each employee.

I would check the employee ledger/payroll details for correctness.

 

In June, I would sometimes do a dummy run of Payment Summaries.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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