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May - last edited May
End of Payroll Year is almost upon us and for many of you this would be the first EOPY with STP. Things are a tiny bit different now that STP is here and the aim of this post is to give you everything you need to keep it simple.
Before we go on, here are some helpful notes that can give you a helping hand if you get stuck:
With that out of the way, here are the basic steps to helping complete your EOPY using STP:
Ensure that you’ve entered all pays to 30 June 2019 before continuing.
In the new AccountRight, make sure you don't have any saved pay runs that still need to be processed, as these will be cancelled when you close the payroll year. Once you close the payroll year you won’t be able to enter or edit pays dated in a closed payroll year.
To print payroll reports:
NOTE: If you’ve made direct adjustments to the payroll history information in your employees’ cards, the Employees Activity and Employees Register reports will not match.
The only time these reports should differ is when you’ve commenced using the payroll function part-way through the year and have entered opening payroll balances in the Pay History tab of your employee cards. If a mistake has been made on a Pay Employee transaction, you shouldn’t manually adjust the payroll history within an employee card, as there will be no audit trail and the general ledger accounts will not be updated. Instead, you should delete the incorrect pay and re-enter it.
Also note that payment summaries and STP reports retrieve their figures from the employee Payroll History, so if this information is incorrect, the payment summaries and STP reports will also be incorrect.
Using the payroll reports that you printed at step 2, you should now be able to reconcile your year-to-date PAYG withholding figures.
This process will check that you’ve remitted the full amount of PAYG withholdings that were collected during the payroll year.
To reconcile PAYG withholdings you’ll need to total all the payments that have been made to the Australian Taxation Office during the year. Compare the total payments made to the ATO with the total PAYG figures appearing on the Employees Activity and Employees Register reports.
Total PAYG remitted to the ATO $
Total PAYG showing on the Employees Activity / Register reports $
If there is a variance between the PAYG remitted to the ATO and the Payroll Activity and Payroll Register reports that is not equal to the amount still unpaid, you’ll need to print these payroll reports for each month and compare them to the figures paid to the ATO for the PAYG Withholdings until you find the discrepancy. (See this post for reasons why the Employees Activity and Employees Register reports may not match).
You can also compare the total gross wages shown on the Employees Activity and Employees Register reports with the Wages expense account in the Profit and Loss Statement for the payroll year. If the two figures do not match (remember to take into account any allowances paid into other accounts), you’ll need to print the Employees Activity and Employees Register report for each month and compare it to the monthly Profit and Loss Statements until you find the discrepancy.
If you have started STP after you have terminated some employees, their data may not have been sent to the ATO with your first Pay Run after activating STP.
In order to send this data to the ATO, it depends on the their final pay. For details on how to proceed with this, see the bottom FAQ on this support note: End of year finalisation with Single Touch Payroll reporting
Each employee that has been finalised will have the Final indicator selected.
And that's it! You can now close your Payroll Year to start processing your pays in the next year!