Guide for End of Payroll Year 2020

[JSLABOUR]

Hi Tracey,

Surely we still have to close the the financial year?

Kindest regards,

Annarien

[Tracey_H]

Hi @JSLABOUR 

The process for closing the financial year is the same, ie, wait until your accountant has recorded year end adjustments and advised to close the year.

You no longer need to close the payroll year or load the new tax tables as AccountRight 2020.2 does this automatically. You will be able to process July pays from 1st July.

[jbrenchley]

In theory I have completed all the 2020 year end procedures for STR.

I am now trying to process the first pay in 2021 but can see that none of the leave balances have carried forward.

Is there still something I need to do to close 2020 and carry forward to 2021?

Thanks

John

[Tracey_H]

Hi @jbrenchley 

This is caused by the sequencing of events as the new payroll year doesn't fully tick over until a user has recorded their first payroll year in the new year.

We do recommend that clients ignore this message and process the pays as normal. Once the pays have been recorded in the new financial year the entitlements will be correctly carried forward.

[PortPhillipBoat]

Hi Tracey

Where can you find the Allowance report for the end of payroll year?  I need to add this to the Gross report to check on the Jobkeeper payments, yet i can't find a report anywhere or do I have to go to each employee under EOFY Finalisation and print off a report to check?  

The End of Year Report doesnt tally with the Payroll Activity Summary however the  Payroll Activinty Summary does tally with what I have reported to the ATO as per my reporting on the ATO Buisiness Portal

Thanks Alison

[Tracey_H]

Hi @PortPhillipBoat 

The YTD verification report and Summary of payments report in the EOFY finalisation tab display the Allowances.

These posts will help with reconciling payroll:

AccountRight reports don't match my STP reports

STP and JobKeeper

STP and the ATO Business Portal

EOFY Resources 2020 

Please let me know if you need further help.

[Dono]

Hi Linda

Thank you for your advise with MYOB taking care of....

• installing a compliance update
• closing the payroll year
• manually loading new tax tables

Confiming we do not need to rollover and go ahead and enter a pay run in 20/21 year? Do we need to do anything to our file?  I see it mentions after you have entered your first pay in 20/21 the leave entittlements will be adjusted?

[Tracey_H]

Hi @Dono 

If you have upgraded to AccountRight 2020.2 you don't need to do anything to your file. The software will roll over the payroll year and upload the new tax tables. You can process July pays as normal.

This post has detailed information on the changes in 2020.2:  AccountRight 2020.2 is now available

This post has information on the changes to the end of year process in 2020.2: Changed end-of-year payroll process

Please let me know if you need further help.

[WFI]

Hi  Could you tell me how to print out the employee payment summary as some have not connected with mygov yet.?

[Tracey_H]

Hi @WFI 

If you finalise through STP you can print the Summary of payments by going to the Payroll reporting centre>>EOFY finalisation tab>>click on the ellipsis (...) button for the employee and select Download.

It is important to note that this is not a payment summary and employees should be using the Income Statement in myGov to lodge their tax returns.

Please let me know if you need further help.