8 steps before doing your first pay run in the new financial year
The start of a new financial year always looks promising, as well as a bit daunting. But before you embark on a new chapter, there’s still a couple of pages to close from the past – your last financial year.
Payment summaries need to be completed and given to your staff, and most importantly the new tax tables need to be updated in your software so your staff are paid correctly for the first pay run of the new financial year.
We’ve put together a pretty comprehensive end of payroll year guide, which takes you through the eight steps you need to complete before your first pay run of the new financial year.*
- Process the last pays for the 2013/2014 financial year
- Print the key payroll reports
- Reconcile PAYG withholdings
- Identify workers under labour hire arrangements
- Print Payment Summaries
- Back up the company file
- Close the payroll year
- Load new payroll tax tables
Firstly, you need to complete the final pays for the 2013/2014 financial year, and print these key payroll year reports:
- Employees Activity Summary
- Employee’s Register Summary
- Entitlements Balance Details
- Superannuation reports
These reports have all the information you need to reconcile your year-to-date PAYG withholding figures, and this process will check that you’ve remitted the full amount of PAYG withholdings that you’ve collected during the payroll year (the ATO will be interested in this part!).
Next, ensure your employees’ payment summaries are correct, printed and available. This includes identifying any staff under labour hire arrangements. For the next step, we’ve prepared a comprehensive support note about preparing and printing your payment summaries.
Then comes the fun stuff – backing up your company file, installing the 2014 compliance update, closing your payroll year, and loading the new tax tables. To make things a bit easier for you, we’ve put together a quick video to help you through each of these tasks.
Our support resources
For more info about the 2014 compliance update, including how and where to get it, as well as step-by-step instructions for year-end tasks such as closing your financial year, visit myob.com.au/eofy. We also post weekly videos on trending EOFY topics , covering topics such as new tax changes and SuperStream.
For our MYOB Essentials users, there’s a comprehensive Support Note on what you need to do around this time of the year, so check it out here.
And remember, if you get stuck, we’re always here to help during this busy time of year.
*For the classic version of AccountRight