final pay

2 Topics

Final Pay – Pay Long Service Leave
Today I’m happy to announce that we have released a major update to our Final Pay workflow. In addition to guiding you through paying out unused Annual Leave, you can use Final Pay to pay unused Long Service Leave. With these two leave types included in a guided workflow, you will now be able to calculate the final pay for most employees leaving a business voluntarily. This update is part of our ongoing commitment to simplify and streamline the payroll process for our customers. We hope that you will find the new Final Pay workflow easy to use and helpful for complying with the relevant legislation. You can access this feature by selecting the Final Pay pay period in your payroll product.
Simon-C
3 months ago Place MYOB Announcements
217Views
2likes
0Comments
Incorrect value for gross earnings
I have a final pay at 30/06/2022 and therefore a calculation of the value of annual leave to process for 7 employees. This requires two steps. 1) Leave entitlement in hours is paid at the higher of ordinary weekly pay or average weekly earnings. and, 2) Eight % of the gross earnings since the most recent increment of the leave entitlement was recognised on the employees anniversary date. We are on a monthly pay run. I have an anniversary date of 3/08/2021 and a termination date of 30/06/2022. I calculate the gross "earnings prior to current pay run" as as 49,583.20 the sum of the monthly pays (4,583.33 4,583.33 4,583.33 4,583.33 5,208.31 5,208.28 5,208.33 5,208.33 5,208.30 5,208.33) from 31/08/2021 to 31/05/2021. Add June pay 5208.30 we get 54,791.53 which is multiplied by 8%. MYOB Essential payroll gives me 44,374.87 "earnings prior to current pay run" which is the pays from 31/08/2021 to 30/04/2022. So that value is too low by one month's gross pay which I assume is the 31 May 2022 pay of 5,208.33. 44,374.87 and add current month June pay 5,208.33 equals 49,583.20 which is multiplied by 8%. Which calculation is correct? And why? Thanks you!
hycsimon
3 years ago Place New Zealand GST
857Views
0likes
1Comment