Simple Explanation Process for 2020 EOFY Payroll - AccountRight 2020.2 - I just need to be able to Process the first pays in July
Hi All
Can anyone outline in point form a simple process on how to finalise 30 June 2020 payroll and what I need to do with processing the first pay for July 2020?
I know the STP reporting side but just need to know what to do before I process 1 July pays and if I need to comply with anything.
- Does AccountRight 2020.2 include the compliance update a far as closing the payroll year and auto loading of the new tax tables?
- After I finalise 30 June 2020 wages, check and reconcile, is it just a matter of going into the payroll reporting centre and selecting payroll year 2020/21 and then I can process a payroll for the new year?
- Do I need to do a $0 payroll for each employee and send through STP so the ATO know they are the final wages for 30 June 2020? If so, should I date that payroll 30.06.20?
- I don't have to do STP reporting until the end of this month as we have less than 19 employees.
The year end guide isn't very clear for FY2020.
Appreciate any help with this as I was holding for support for nearly 1 hour as usual.
Thanks and best,
Jo
Hi JoannaB
The end of payroll year process in AccountRight in 2020.2 would be as follows:
- Ensure that you have entered all your pay for the 2019-20 payroll year
- (Optional) Process a $0.00 pay for the employees - this is to ensure that you have the most up-to-date values in the payroll reporting centre. Typically, this would have a payment date of the last pay of the payroll year, however, it could be any data in that payroll year.
- Check your payroll reports and data
- Finalise your Payroll Reporting
Our Help Article: End of payroll year tasks would be able to assist with that process.
In terms of processing your new pays for the 2020-21 payroll year, you want to ensure that you have AccountRight 2020.2 installed (Help>>About AccountRight). When you are on that version, you are good to go with processing your first pays in the new payroll year. No need to rollover your payroll year or load the tax tables. This will happen automatically when you process for first pay in your new payroll year.
