Payroll EOFY
Just a question with closing off payroll EOFY dates. I have done payroll with payment date 28/06/23. This period is for 21/06/23 - 27/06/23. My next payroll is due on 5/07/23 with period 28/06/23...
Forum Discussion
Hi emcaravans
Thanks for your post.
If you're next pay run includes a payment date of the next financial year, it is still best to speak with your accountant if it's all good to close or roll over to the next financial year. Also we recommend creating a back up of your company file if ever there will be changes you need to create. You may check The Help Article Back up your company file for information on how to create a back up.
Please let me know if you need further assistance.
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Best regards,
Doreen
Hi emcaravans
Do not close your Financial Year - it is way too early for that. You can process transactions etc in July, Aug etc without closing the current financial year.
In the past you needed to close the Payroll Year (this is quite different to closing the financial year). In AR2023, MYOB now closes the Payroll Year for you as soon as you process your first payroll in July. MYOB also loads the new tax tables for you at that time.
However MYOB does not prompt you to make a backup. I recommend you make a backup before you process your first payroll in July.
Regards
Gavin
