Single Touch Payroll (STP) & M Powered Payments

[preuni]

Hi ,

So I've heard about 'STP' system and i need to upgrade my accounting right v.19 to 2018

But we are currently using a M-power payment for paying invoices and wage.

My question is , is that mean i need to make an ABA file and access the online banking to process payment ?

I'm stil bit confused. I talked with myob staff and he said regarding of wage payroll, i don't need to make aba file as STP system is integrated into Accounting right 2018 which means when I report to the ATO , the payment will be processed automatically to employee as well. is it correct ?

Then I just need to upload ABA file for supplier payment ? or are they any recommended add-ons for paying suppliers' instead of creating aba file  ?

[Steven_M]

Hi @preuni

AccountRight v19 will not be receiving a Single Touch Payroll solution and we are encouraging clients that are able to upgrade to do so to AccountRight 2018.1 to do so to take advantage of that. Those clients that are not able to upgrade to AccountRight 2018.1 i.e. clients who use multi-currency, negative inventory, locations and M-Powered Payments are offered a deferral until the end of May 2019 - more information on Single Touch Payroll (STP)

In your case, you are using AccountRight Classic v19 with M-Powered Payments. You are welcome to upgrade to AccountRight 2018, however, you would not be able to utilise the advantages of M-Powered Payments. For example, if you do wish to make a payment, be it to an employee or supplier, you would be looking at generating an ABA file and uploading that to your Internet Banking. Help Article: Electronic Payments would be able to assist with that process.

Note: Single Touch Payroll is intended to report the payroll and its values to the ATO, it will not make payment to the employees on your behalf. This is required to be done via an ABA file (electronic payment) or paying them outside the software i.e. Internet Banking/Cash/Cheque...