We've put together a list of some frequently asked questions during this time of year:
Do I have to rollover my Financial Year on/by 30 June?
Simple answer is no, you don't. You can continue to use your company file after the last month of your financial year.
How do I close my Financial Year?
There are few tasks that need to be performed to close your Financial Year and start a new one. These are listed and explained in our Help article - Closing a financial year. Please ensure you take a backup of your company file before rolling over your file.
Is there a difference between End of Financial Year (EOFY) and End of Payroll Year (EOPY)?
Yes there is. The last month of the Financial year for businesses can vary from end of June to end of calendar year. However Payroll year for all Australian businesses is set to the period of 1st July to 30 June.
In AccountRight and AccountEdge you are forced to rollover your Payroll year before you are able to process a payroll transaction in the new Payroll Year ( with a Payment Date of 1 July or later).
How do I close my Payroll Year?
There are few tasks that need to be performed to close your Payroll Year and start a new one. These are listed and explained in our Help article - Closing a Payroll Year.
How do I prepare and print Payment Summaries?
You can produce an ATO compliant Payment Summary using the Payment Summary Assistant. To get to the Payment Summary Assistant please go to Payroll Command centre >> and Print Payment Summaries.
How do I stay compliant?
You can stay compliant by updating your MYOB software to the latest version. We will start releasing the 2015 compliance update this week. Depending on the product you are currently using and if you have a current subscription with us you will either be prompted to update within the software, or can download it from your my.MYOB.com log in.
If you do not have a current subscription with us, please contact us on 1300 555 151 so we can help you with this. There are various benefits to having an active subscription. Detailed information on the benefits of MYOB Cover can be found on our website - MYOB Cover.
I have also included here a link with details of the range of AccountRight Live services that are included with an AccountRight subscription. - AccountRight Live Services.