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Closing a payroll Year

LornaC2019

Good Morning ,

We are about to process our first payroll for FY 22. I read that the payroll year will be automatically uploaded without us doing anything our end. When i try to retrive a entitlement balance report the new FY 21/22 does not reflect at all ... Will the entitlemnts etc.. be rolled over to the new FY ?

Will i be able to process the new FY pay if the new payroll year does not reflect?

Thanks for your help !

Lorna

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Tracey_H

@LornaC2019

Thanks for that information Lorna. If you haven't processed a pay for this payroll year the FY 2022 option won't be available. Once you've processed a pay you should be able to run those reports. Please do let me know if you have further problems.

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LornaC2019

Hi Tracey,

Thank You for all your information. I am a bit perplexed as we closed off the FY 2019/2020 year previously .

I had a look at our company information and it notes the current financial year as "2021" . We are still busy closing the books so cannot close FY 20/21 as yet ... Can we only access the entitlemnts report once we close the year in MYOB ?

If we are only ready to close the books after the next payroll ( in the next fortnight ) how are we to access the reports( entitlements) for next FY22?

Thanks

lorna

Lorna

Tracey_H

HI @LornaC2019 and @MarkOBrien

Thanks for your post. Firstly I just want to clarify that there are two different "years" and so two different processes.

The "payroll year" - this is automatically rolled over in the latest versions of AccountRight. This means that you can process pays in the new payroll year and process adjustments/finalise STP in the previous year at the same time. The software will automatically select the correct financial year and tax table according to the payment date entered when processing the payrun.
The "financial year' - this needs to closed by the user but is not typically done until the accountant has provided EOY adjustment journals and lodged the tax returns. You can check the financial year in Setup>>Company Information>>Current financial year.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

MarkOBrien

Same problem here and when I try to extract entitlements balance it only offers me payroll year 2020 or 2021.
But aren't we now in payroll year 2022??

MYOB site syas everywhere that you do not have to roll over to a new payroll year as before, and it's auomatic. But clearly lots of glitches judging by the threads on this support site