how to roll over payroll for end of financial year without using STP in myob

Question

Help pls, MYOB helpline is frustrating to use.  Been on hold for 2 hours and still no light at the end of the tunnel.

Small business, do not use STP section of MYOB.  How do I roll over payroll for end of financial year if not using STP section of MYOB.  thank you

Princess_R · Answer

Hi @gavin12345

Thank you for sharing your insights regarding the difference between the Financial Year and Payroll year. I appreciate you taking the time to post this information as this will also help others, and I totally agree with this as rolling over your payroll year is different from closing the financial year.

Cheers,

Princess

gavin12345 · Answer

Hi @rsw

Take care - my post refers to the Payroll Year. Post @Doreen_P  refers to Financial Year. Ensure you understand the difference between the two. This may also vary depending on the software you are using.

Basically the Payroll Year will be changed for you by MYOB. The Financial Year will not. It is way too early to be thinking about rolling over a financial year. This should only be done after your accountant has finalised all tax matters for the 2023 Financial Year.

Regards

Gavin

Doreen_P · Answer

Hi, @rsw

Thanks for your post, and Welcome to MYOB Community Forum.

In addition to the information that @gavin12345 provided, if you are not using STP you can start the new financial year by going to Business settings > Start a new financial year. Before rolling over to the next financial year, kindly make sure that all your reports are in order and everything is balanced. You may also check The Help Article End of financial year in Australia for further information when rolling over to the next financial year.

Please let me know if you need further assistance.

Best regards,

Doreen