EOFY Payroll in 7 Easy Steps

EOFY Payroll in 7 Easy Steps

EOFY Payroll in 7 Easy Steps

The end of the financial year is finished, which means payroll needs to be finalized. No need to get yourself into a frenzy though, because we have 7 points to make payroll year end a breeze!

1. Finish all pay runs that need to be included in the 2017/18 financial year

The payment date is very important, so be sure to post all earnings included in this financial year with a payment date of 30 June 2018 or earlier.

2. Reconcile your accounts

Review and reconcile your payroll transactions. If you find any transactions reconciled to the wrong account, you should edit, remove and redo them, or find and recode them to ensure all transactions are correctly allocated to the appropriate account.

3. Compare payroll activity and payment summary reports

Check your Payroll Activity Summary Report and Payment Summary Details Report for the financial year ended 2017/18 to make sure they match.

4. Fix any mistakes you may have found

If you need to make any changes to employee’s earnings, do not edit the pay item name or PAYG or SGC settings for existing pay items. Rather, run an unscheduled pay run and create new pay items via Payroll Settings. Later on, mark the incorrect items as inactive.

5. Publish payment summaries

If all payment transactions, reports and summaries have been checked and approved, publish the payment summaries for your employees. Once they are published, employees can view and download their payment summaries in the My Payroll portal. If employees prefer, payment summaries can be emailed as a pdf.

6. Submit your annual report to the ATO

The annual report can be submitted directly through the Payment Summaries screen with Xero’s AUSkey or you can download an EMPDUPE to lodge it through the ATO business portal.

7. Process all super payments

To claim deductions on super accruals, these need to be debited and forwarded to the superfunds for the 30 June deadline. Check to see whether any payments have been made.

Finished? All your payroll should be closed off now. You are ready to rock and roll into the 2018/19 financial year. If you don’t feel ready and need some assistance please call us here at MB+M on 5821 9177 because we are here making your life easier.