Xero payroll process.Process a pay run using Pay Run – Xero Central

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Quickly and easily view employee payslips at any time, from anywhere. For a complete online payroll solution, choose one of the third-party payroll apps that integrate with Xero. Access all Xero features for 30 days, then decide which plan best suits your business. Made by the Forge use Xero to make quick decisions.

Pay bills. Send invoices. Run the Trial Balance report , select the last date of the relevant period and sort by account name. Use the following table to check your payroll data by matching the report balances in your Payroll Activity Summary report and the Trial Balance report. If balances don’t match, check your pay run history to find the pay run with the error and process an adjustment. Once all balances are correct, you need to review the payment summary amounts.

Run the Payment Summary Details report , select all employees and the financial year you’re checking before reviewing the amounts for each employee.

If you find any incorrect amounts in the payment summaries, you’ll need to fix these before you continue. Review and finalise the summaries before sending them as a payment summary annual report to the ATO. Pre-tax deductions reduce gross wages on the payment summary at the end of each financial year. You can add these if they need to be reported as reportable fringe benefits in the employee payment summary.

If employee fringe benefit taxes FBTs exist, you can edit these when you review the payment summary. If your employee has a Working Holiday Maker status, their payment summary will display their income status type as ‘H’.

Payment summaries for other employee types will display as ‘S’. Accounting software packages work in different ways — and with different banks. Make sure you choose the software that’s going to work best for you.

It should have these features:. Some banks have a traditional, old-fashioned approach to business banking. Others are more modern and proactive and have adapted to the world of cloud-based applications. Here are some things to look for in an ideal banking partner:.

Support for your chosen accounting software. Simple sign-up process, where they walk you through each step. Comprehensive and easy-to-use online banking tools. You should be able to access your accounts via a web browser and also smartphone and tablet apps. Ability to connect to your accounting software. Ability to upload payment data files, if you choose that method of online payroll.

A local presence. If anything goes wrong, it can be frustrating trying to resolve it via a telephone call to someone halfway around the world. A local branch lets you deal with any issues face-to-face. It always pays to shop around. A good bank will stay with you for the life of your business — so this is not a decision you should rush.

Once you’ve chosen the accounting software and bank account that best suits your business, do some testing. Don’t try to do live payroll payments immediately. Take the time to understand how the process works. Test your bank feed — check how well it integrates into your accounting software.

Make sure the numbers make sense. Then you can move to online payroll. Ensure no future dated pay runs include the employee. You’ll need payroll admin access to process a final pay. Process a final pay for a normal termination eg voluntary resignation or retirement.

In the Payroll menu, select Pay employees. Click Set as Final Pay at the bottom of the payslip. The termination date must be on or before the current pay period end date. Under Reason for termination , select the relevant option. Learn more about the termination reasons. Under Full pay period earnings , select one of the following options to calculate the tax on unused leave:.

 
 

 

Xero payroll process.Prepare Payroll for year end

 

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