End of financial year payroll requirements – Xero Central

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Payroll just rolls over month to month, but every year there are a few legislative changes that kick in from 1 April. Most updates should be xero end of year payroll checklist – xero end of year payroll checklist care of by your payroll softwarebut in some cases you may also need to make a few changes in your account. The start of a new financial year is, however, a great opportunity to review the settings in your payroll system to ensure everything is up-to-date.

This End of Financial Year Payroll Checklist should help you identify any actions you may need to take to ensure you continue to get your payroll right. This helpful MBIE page provides an updated list of current and past changes.

Review salary and wage info — Before your first pay of the new financial year, review and make any necessary updates to pay rates for your employees such источник статьи an increase in the minimum wage.

Alternatively, applying the increase from the start of the pay period containing 1 April will be beneficial for your staff and may be administratively easier. Check employee contracts — Occasionally there may be legislative changes that require amendments to existing employment agreements or the template you use for future employment agreements.

For example changes to rest and meal breaks or trial periods. Also consider if you have enough detail in your employment agreements about how leave entitlements will be calculated for employees with no set work pattern – we advise including a clause describing how the portion of leave entitlement taken will be determined, for the avoidance of doubt. Ensure your payroll system is up to date with the correct employee settings so it can calculate the right entitlements for leave and public holidays.

Claim annual leave paid out — New Zealand tax legislation allows employers to claim any Annual Leave paid out within 63 days of the end of the financial year as a deduction in that year.

Have a chat with your accountant or bookkeeper about this. You should be able to access this info via the reporting provided by your payroll system. Generate any helpful reports – Downloading reports from the past financial year is good practice for record-keeping purposes.

Some of the most useful reports to download xero end of year payroll checklist – xero end of year payroll checklist your payroll software include time summaries, pay summaries, employee pay details and holiday leave history. Download or update your software to account for the tax changes — Updates are applied automatically behind the scenes.

File anything перейти IRD — This is all taken care of via our automated payday filing. Print payroll reports — Save the trees! With our cloud based payroll, all your data is always available online. Just invite your employees to use the employee portal for ongoing access to that information, or direct them to myIR.

If you ever need further explanation or xero end of year payroll checklist – xero end of year payroll checklist, feel free to contact our support team here at FlexiTime. Keep up with PayHero! We’ll make sure you stay in the loop with product updates and other great content. Sign up to our newsletter Keep up with PayHero! Get Started for Download for windows 10 bit Take care of перейти на источник team on payday with smart, modern and seriously compliant online payroll.

Take the next step with PayHero Join thousands of Kiwi companies doing payroll по этой ссылке. Start Free Trial.

 
 

 

Xero end of year payroll checklist – xero end of year payroll checklist

 
Skip to main content Search icon Search Xero Central. For this to be reported as the final checolist of the tax year, your payment date will need to fall in month 12 6th March — 5th April. Compare the payroll activity and payment summary reports Compare the Payroll Activity Summary Report against the Payment Summary Details report for the current financial year and make sure that they match. You need payroll admin access to prepare payroll data for the end of the financial year.

 
 

7 steps to manage Payroll Year End with Xero | Xero Blog.Your UK payroll year end checklist | Xero Blog

 
 

Step 3: Process. Click the Finalisation tab. Check the Tax Year is set to correct financial year, i. Ensure all employees that require STP Finalisation are appearing in the list.

Click Finalise and submit to ATO. Read the authorisation to file declaration. Select the checkbox to accept and authorise the file, then click Submit to ATO. Check the Status column in the Finalisation screen to confirm finalised employees. Step 4: Adjustments. If adjustments are required, here are two recommended options; Process an unscheduled pay run. Revert the last posted pay run per pay calendar to draft, edit, and post again. Process your final pay run , then review the P11 and P60 reports and give them to your employees.

Ask our community of customers, accountants and bookkeepers. Skip to main content Search icon Search Xero Central. Overview Once you’ve completed your payroll transactions for the year, check your opening balances and post your final pay run. All you need to do is review your payroll reports and prepare your employee records for the new tax year.

Identify and fix payment summary errors , then republish. Submit payment summary annual report to the ATO. Report the payment summaries to the ATO. Ask our community of customers, accountants and bookkeepers. Skip to main content Search icon Search Xero Central. Create summaries for labour hire and some employment termination payments ETPs. You need to manually produce summaries for labour hire and other ETP types.

You need payroll admin access to prepare payroll data for the end of the financial year. Reconcile payroll data with the general ledger Run the Payroll Activity Summary report and make sure you select all employees and the financial year you’re checking. Review payment summary details and fix any errors Run the Payment Summary Details report , select all employees and the financial year you’re checking before reviewing the amounts for each employee.

Review payment summaries In the Payroll menu, select Employees. Review the Status column for all employees in the payment summary table: The tick icon shows the payment summary is published and ready to submit to the ATO. What’s next?

Once you’ve generated payment summaries for your employees, you can submit these to the ATO. Still have questions? Start a discussion Ask our community of customers, accountants and bookkeepers.