Forum Discussion

KGE's avatar
KGE
Experienced Cover User
5 years ago

EOFY payroll

Hi there,   I've had a moment of oversight. I forgot to close out the financial year before doing the pays yesterday. Can anyone tell me what I need to do in this situation?   Also I haven't used...
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi KGE 

     

    Thanks for your post. AccountRight 2020.2 has removed the need to close the payroll year and load the tax tables, the software does this for you. So you can simply process pays for the 2020-21 year and the software will apply the correct tax table and report in the correct financial year. You can also process adjustments in the previous payroll year.

     

    If you have been able to process July pays without getting a error message then it sounds like you are using 2020.2, but you can check this in Help>>About MYOB AccountRight. This blog post has more information on AccountRight 2020.2: AccountRight 2020.2 is now available

     

    When it comes to closing the financial year, typically this is not done until end of year adjustments have been recorded and your accountant has advised that the year can be closed. If you do need to close financial years, this help article will guide you through that process: Close the 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.

     

     

     

Tracey_H's avatar
Tracey_H
Former Staff
5 years ago

Hi KGE 

 

Thanks for your post. AccountRight 2020.2 has removed the need to close the payroll year and load the tax tables, the software does this for you. So you can simply process pays for the 2020-21 year and the software will apply the correct tax table and report in the correct financial year. You can also process adjustments in the previous payroll year.

 

If you have been able to process July pays without getting a error message then it sounds like you are using 2020.2, but you can check this in Help>>About MYOB AccountRight. This blog post has more information on AccountRight 2020.2: AccountRight 2020.2 is now available

 

When it comes to closing the financial year, typically this is not done until end of year adjustments have been recorded and your accountant has advised that the year can be closed. If you do need to close financial years, this help article will guide you through that process: Close the 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.

 

 

 

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