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Close the payroll year

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Tracey_H
MYOB Moderator
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MYOB Moderator
MYOB Moderator

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Close the payroll year

Hi everyone

 

In AccountRight 2020.2 we made some big changes to the end of payroll year processes to make things easier for you. Let's have a look at those changes:

 

Tax table automation

In previous versions of AccountRight you needed to manually load the tax tables for the new payroll year. This is now done automatically on the 1st July. All you need to do is process your pays as normal and the software will select the applicable tax table based on the Payment Date.

 

No need to close the payroll year

Thanks to tax table automation you don't need to close the payroll year anymore. AccountRight will automatically roll over to the new payroll year on the 1st July. This means that you can continue to make adjustments and finalise the previous year while entering pays into the new year.

 

I can't enter a pay with the payment date after 1st July

As uploading the new tax tables is done automatically by the software on the 1st July, you won't be able to process pays with a July payment date until 1st July, when that roll over process will have occurred.

If you receive the error message You can only enter pays for the current or previous financial year, this is because the system has not rolled over to the new payroll year.

Please note that this error message is NOT referring to the financial year of your company file (Setup>>Company information) and you should not close your financial year.

 

If you are using 2020.1 or earlier you will need to close your payroll year and manually load the tax tables. This help article has detailed information to assist you: Close the payroll year

 

Just like AccountRight, MYOB Essentials automatically closes the payroll year and applies the new tax tables when you process the first pay of the new year. As this process happens on the 1st July, you won't be able to record pays with a Pay on date in the new year until that roll over has occurred.

 

We hope you find this useful. As always, if you do need help please start a new post. Our team of MYOB technical support staff and the generous MYOB Community is always happy to help.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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