MYOB EXO Payroll End Of Financial Year Checklist

MYOB EXO Payroll End Of Financial Year Checklist from Acacia Consulting Services

MYOB EXO Payroll End Of Financial Year Checklist

End of Financial Year Checklist – MYOB EXO Payroll – Via Single Touch Payroll

The  time has come once again to update your financial records and get your business house in order.

The end a financial year is important for many reasons – tax, payroll, balance sheets, overall business health.

To follow is a handy End Of Financial Year Checklist – especially if you use MYOB Exo and MYOB Payroll.

 

Finalise Pays for 2019-2020 Financial Year

 

Record Reportable Fringe Benefits

·        Add new Non-Cash Benefit for Reportable Fringe Benefits if required

·        Reinstate Terminated employees if terminated employee has FBT

Important: You must use the employees’ original start date as the reinstate date

·        Process a one-off pay with the physical and pay period end date of 31/03/2020

·        ENSURE THE ONE-OFF PAY IS FLAGGED AS “DO NOT SEND TO THE ATO

·        Re-terminate employees previously reinstated with original termination date and original termination details (eg reason for termination) but do not update any monetary values

 

 

Process any other adjustments if required.

 

 

 

Reconcile Pays for 2019-2020 Financial Year

 

Print Reconciliation Reports:

 

Trial Balance Reports > Print Reports > Financial > Trial Balance:

Pay Type: Selected

Date Range: 01/07/2019 to 30/06/2020

Pay Frequency: Any

Report Options:

• Summary

• Landscape

• Physical Pay Date

 

 

Pay Summary – Reports > Print Reports > Pay > Pay Summary:

Sort Order 1: Employee Code

Pay Type: Selected

Date Range: 01/07/2019 to 30/06/2020

Pay Frequency: Any

Report Options:

• Physical Pay Date

• Show: Individual Wages, Allowances, Deductions, Non-cash Benefits, Superannuations, Terminated Employees

 

 

Superannuation Summary Reports > Print Reports > Financial > Superannuation

Summary:

Pay Type: Selected

Date Range: 01/07/2019 to 30/06/2020

Pay Frequency: Any

Report Options:

• Show Terminated Employees

• Physical Pay Date

 

 

General Ledger Reports > Print Reports > Financial > General Ledger:

Sort Order 1: General Ledger Code

Pay Type: Selected

Date Range: 01/07/2019 to 30/06/2020

Pay Frequency: Any

Report Options:

• Summary report type – show separate debits and credits

• Report type (drop-down) – summary

• Physical Pay Date

 

 

 

Reconcile the reports to each other and to your accounting system.

 

 

 

Backup the payroll file.

Prior to creating the ATO file you should backup the payroll company.

(Utilities > Backup)

Note: it is recommended you locate your backup file and either rename it for End of Year 2019-2020 or move it in to an end of year folder.

 

 

Financial Year Lockdown Date

Change the Financial year lockdown date to 30/06/2020.

(Utilities > Setup Payroll > Other > Other “Financial year lockdown date”)

Note: Enter the lockdown date as the date of the last pay period end in June (eg if your last pay was for the pay period end 26/06/2020 then enter 26/06/2020 as your lockdown date).

 

Submit STP Data

 

Last Pay Submission

·        Submit Pay Data for the Final Pay Period to the ATO if not already done.

·        This is to be completed by July 14 2020.

 

 

Finalisation Submission

·        Submit STP Finalisation Data to the ATO.

·        Sites with 20 or more employees must complete this by July 14 2020.

·        Sites with less than 20 employees must complete this by July 31 2020.

 

(Pay > Single Touch Payroll > Finalisation)

Check the Year: 01/07/2019 to 30/06/2020

Select All or check individual employees

Click Send to ATO button

 

If any errors appear for any employee (declaration) correct the error and then repeat this step to finalise the year for the impacted employee/s.

 

 

If you want to review the information that will submit to the ATO for each employee.  You can run the old Payment Summary report.  If employees were terminated in the 2019-2020 financial year you could also run the Employment Termination Payment report.

 

These reports should reconcile to the Pay Summary report run previously.

 

Payment Summaries Reports > Print Reports > Payment Summaries > Individual Non-Business:

Date Range: 01/07/2019 to 30/06/2020

 

ETP Reports > Print Reports > Payment Summaries > Employment Termination Payment:

Date Range: 01/07/2019 to 30/06/2020

 

 

Complete compliance Updates for 2019-2020 Financial Year

 

Install Compliance Release

Download and install the compliance release (scheduled release date 25th June 2020).

(Help > Upgrade Software Online)

Important:

·        This should be done on the server where Payroll is installed

·        Read the Release Notes to familiarise yourself with important information

related to this upgrade.

 

 

 

Update the Maximum Earnings Base for all existing superannuation guarantee contributions

Select MaintenanceSuperannuations

·        Edit all SGC super items, update the Maximum Earnings Base value to $57090.00

·        Save when all superannuation items are updated

 

 

 

Update Employment Termination Payment amounts

Select Utilities – Setup Exo Payroll – Payment Setup – Termination Payments

·        Update the ETP Cap to $215,000

·        Update the Base limit to $10,989

·        Update the Completed years service to $5,496

 

 

 

Want to download a PDF version of the above MYOB EXO Payroll End Of Financial Year ChecklistClick here, print it out and tick each item off the list when you complete it.

MYOB EXO Payroll End Of Financial Year Checklist from Acacia Consulting Services

MYOB EXO Payroll End Of Financial Year Checklist

 

Of course Acacia Consulting Services is here to help you, should you need it.

Let us know if you need a hand 🙂

Contact Us

or

ph +61 3 8560 5220

or lodge your request directly via our Client Portal.

2 Comments

  1. Lorraine

    Posted on July 1, 2020 at 11:56 AM

    Seriously, you guys are the best. The above, MYOB EXO Payroll End Of Financial Year Checklist, has been a great guide in finalising Payroll for the end of financial year. It is so easy, just followed the steps.
    Many thanks

    • Matthew Says :

      Posted on July 1, 2020 at 1:08 PM

      Pleased to hear that the MYOB Exo Payroll Checklist was helpful.
      Thank you for your kind words too Lorraine 🙂

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