Forum Discussion

Terry_W's avatar
Terry_W
Experienced Cover User
6 years ago

Roll Over Payroll Year before finalising STP?

Hi all,

 

I have two questions here:

 

Firstly, can I roll over the payroll year before finalising STP i.e. sending the confirmed figures to the tax office? As the instruction video said we can do so by the 14th of July. Given that we need to process the weekly pay tomorrow so I would like to know if we can roll over the payroll year first and download all the new updates and tax tables, and finalise the figure for last financial year by the 14th and send them to the tax office later?

 

Secondly, I notice that the Gross Pay figure reported on the Payroll Reporting/EOFY Finalisation window for one employee is incorrect. What happened was the employee terminated on 1/1/2019 (for example), but we forgot to exclude her from the following pay week so her pay was processed and sent to the tax office before we discover the problem. What I did was to manually reverse the payroll jorunal in MYOB but apparently her gross figure in the STP report included that one week extra pay . However the payroll activity report is showing the correct amount, which means that the reversal was captured by the payroll actvity report but not the STP report. I would like to know if I can submit the wrong figure to MyGov but send a correct payment summary to the employee asking her to use the payment summary to correct her tax return? Is MYOB tech team able to solve the problem before 14th of this month so I can wait until the 14th to report the figrues to the tax office?

 

If anyone can share some thoughts before cob today it will be greatly appreciated!

 

Terry 

  • Hi Terry_W 

     

    Thanks for your post.  Yes, you can roll over the payroll year after you’ve finished payment summaries and before the first pay in July.  Once you’ve rolled over the year, install the compliance update and then load the new tax tables.  The finalisation can occur afterwards.  You will need to back up your company file to refer back to this data. Make sure you can identify and find the file name for easy lookup when you need it. See the ATO links Finalising your Single Touch Payroll Data and End-of-year finalisation through Single Touch Payroll for additional information. 

     

    Since you're on AccountRight I'll link some handy videos for EOFY including: 

    End of Year Finalisation with STP 

    Preparing Payment Summaries in AccountRight & AccountEdge

    A quick guide to an easy EOFY in MYOB AccountRight & AccountEdge

     

    For your second question, if you are already reporting through STP you will need to have the correct figures sent to the ATO through STP.  If the employee was finalised prior to STP reporting then they will receive a payment summary and can complete in myGov. To correct the figures you can make the employee active and do a $0 pay run to create an update pay event that will send to the ATO. 

     

    I hope this clarifies.  If this resolves your inquiry please mark "Accept as Solution" so other users can find this post easier.  Let me know how you go with this. 

  • Hi Terry_W 

     

    Thanks for your post.  Yes, you can roll over the payroll year after you’ve finished payment summaries and before the first pay in July.  Once you’ve rolled over the year, install the compliance update and then load the new tax tables.  The finalisation can occur afterwards.  You will need to back up your company file to refer back to this data. Make sure you can identify and find the file name for easy lookup when you need it. See the ATO links Finalising your Single Touch Payroll Data and End-of-year finalisation through Single Touch Payroll for additional information. 

     

    Since you're on AccountRight I'll link some handy videos for EOFY including: 

    End of Year Finalisation with STP 

    Preparing Payment Summaries in AccountRight & AccountEdge

    A quick guide to an easy EOFY in MYOB AccountRight & AccountEdge

     

    For your second question, if you are already reporting through STP you will need to have the correct figures sent to the ATO through STP.  If the employee was finalised prior to STP reporting then they will receive a payment summary and can complete in myGov. To correct the figures you can make the employee active and do a $0 pay run to create an update pay event that will send to the ATO. 

     

    I hope this clarifies.  If this resolves your inquiry please mark "Accept as Solution" so other users can find this post easier.  Let me know how you go with this. 

    • Terry_W's avatar
      Terry_W
      Experienced Cover User

      Hi Theresa,

       

      Thanks for your help but I just need to confirm the following:

       

      For my first question, the answer is to roll over the payroll year and do a back up, and then I use the back up file to finalise the STP report, which means I cannot do that in the live file which has been rolled over;

       

      For my second question, the error was incurred after we start using STP. Based on your suggestion, I have reversed the reversal journal, and did a pay run to report negative figures for that employee and back dated the report to the original payment date. The pay run had been submitted to the tax office but has not shown up on the Payroll Reporting Centre Reports list yet.

       

      So I will presume I can go back to the back up file a couple days later and finalise the STP on that file, while not worrying about my live file anymore. Is that correct?

  • DannyTangney's avatar
    DannyTangney
    Valued Cover User

    Hi Terry_W 

     

    For your first question, I think the answer is to take a backup, do the Payroll Rollover without finalising, so you can start your 2019/20 work, but then restore the backup to a local file and sort out the finalisation from there. Many of the "fixes" (such as the one below) don't involve permanent changes to the MYOB data so that shouldn't be an issue most of the time.

     

    For the second question, I'd process a negative Cash payroll for that employee using the exact figures as were overpaid (except in negatives) and send that to the ATO.

     

    Then, delete the payroll so that the MYOB totals aren't changed, and with luck all should balance. A negative payroll is allowed in AccountRight but I'm not sure about anything else.

     

    Regards,

    Danny

  • DannyTangney's avatar
    DannyTangney
    Valued Cover User

    PS Sorry, Terry_W it might be worth trying a $0.00 pay run for that employee just to force an update of the YTD figures before trying my other suggestion...

     

    Regards,
    Danny

    • Terry_W's avatar
      Terry_W
      Experienced Cover User

      Firstly thanks to Theresa_D  providing the solution which I have followed. It seems that I can still finalise the FY1819 payroll report after rolling over without needing to go back to the back up file to do that. But to be on the safe side I will probably go back to the back up file to report the figures once all reconciled.

       

      Secondly thanks to DannyTangney  for affirming the solutions provided by Theresa.

       

      End of thread.