Closing payroll year using MYOB payroll
It is that time of the year to review the steps in closing payroll year if using MYOB payroll. Do the following tasks to close your current payroll year and start a new one.
|1||Enter all pays for June.|
|2||Review at least the following two payroll reports to make sure the payroll transactions entered for the year are correct:
· Register Detail report—shows the pay history of your employees, and is based on the information shown in the Payroll Details > Pay History tab of the employee cards.
· Activity Summary report—shows the pay amounts recorded using the Process Payroll assistant. This report doesn’t include manual adjustments to pay history balances in the Payroll Details > Pay History tab of an employee’s card.
Unless you started using the payroll features part way through the payroll year, the totals of these reports should match.
|3||Prepare payment summaries|
|4||Close the payroll year|
|5||Update the PAYG tax tables|
Perhaps a short video may be of more assistance during the rollover process
It is very important to differentiate between the Financial year and Payroll year when using MYOB.
Payroll Year – rollover is required to process wage payments from the 1st July 2016 onward.
Financial Year – NO need to rollover at this stage. You can continue to process transactions after the 1st July 2016. Naturally, a lot of invoices and receipts have not been entered into the 2015-2016 financial year and MYOB allow you plenty of time to continue entering data as normal