Close the Payroll Year

Tracey_H
MYOB Moderator
7,015 Posts
MYOB Moderator
MYOB Moderator

7,015Posts

931Kudos

1,141Solutions

Close the Payroll Year

Hi Everyone

 

Prior to the end of financial year 2020 we made a few big changes to the end of year payroll processes in AccountRight. But a lot can happen in a year so we thought we'd do a recap of what those changes are and what they mean for you.

 

No need to close a payroll year 

The end of year task list can seem never-ending and time-consuming, that’s why we simplified the end of payroll year process and have removed the need to close a payroll year. Now you can continue to make adjustments in the previous payroll year and process the first pay of the new payroll year.  

 

So long and farewell to loading tax tables

AccountRight 2020 and later will automatically update tax tables each year and go that one step further and choose the right tax table for you based on the payment date. So, if you process a pay on June 30, the 2020-21 tax tables will be used. If you process a pay on July 1 and the 2021-22 tax tables will apply.

 

FAQs-

 

Can I process July 2021 pays in June 2021?

We listened when you said you wanted to process July pays in June and made the changes to allow this in 2021.3. So yes you sure can process pays for the new payroll year prior to the 1st July. 

Why does my Tax Table Revision Date still say 13/10/2020?

The tax tables are automatically downloaded as required.

So, when you record the first pay in July, the latest (2022) tax tables will be used, after which the Tax Table Revision Date will show 01/07/2021.

 

Why can’t I see FY 2022 in the Period filter in my payroll reports?

Once you’ve recorded your first pay for the 2022 financial year, you’ll be able to choose FY 2022 for those payroll reports that have a period filter.

 

 

If you do have questions or need help please don't hesitate to start a new post.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post