End of financial year payroll requirements – Xero Central.7 steps to manage Payroll Year End with Xero | Xero Blog

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EOFY Payroll Checklist - Xero - Thrive Advice Checklist - 7 steps to manage Payroll Year End with Xero 

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- Prepare Payroll for year end – Xero Central

  Whether you need to finalise Single Touch Payroll (STP) data or produce payment summaries, this Xero checklist will help you navigate the end of year payroll process from start to finish. The Xero checklist will assist you in reviewing your key information in Xero Payroll to reduce filing errors, reconciliation of your previous pay runs, finalising the STP data (Single Touch . Feb 22,  · This End of Financial Year Payroll Checklist should help you identify any actions you may need to take to ensure you continue to get your payroll right. Make sure you know what’s changing – It’s important to be aware of all legislative changes that take effect from 1 April. You also need to know which changes will be applied automatically in your payroll software (if . Checklist: your guide to end-of-year payroll. page 3 of 6. Beautiful business. Step Three: Process. Finalise Single Touch Payroll data. Businesses using Single Touch Payroll (STP) will need to finalise employee wages, PAYG, and superannuation for the financial year by completing a STP finalisation. To begin, navigate to the Finalisation screen from the Single Touch Payroll .  

Xero end of year payroll checklist - xero end of year payroll checklist -

  Small businesses name Xero the most-loved accounting software for the second year in a row. Load more. Check your opening balances are correct if you switched to Xero part-way through the tax year:. Posted by Nicole Acott. Otherwise, you need to process a past year correction.    

 

Xero end of year payroll checklist - xero end of year payroll checklist -

   

Payroll just rolls over month to month, but every year there are a few legislative changes that kick in from 1 April. Most updates should be taken care of by your payroll software , but in some cases you may also need to make a few changes in your account. The start of a new financial year is, however, a great opportunity to review the settings in your payroll system to ensure everything is up-to-date.

This End of Financial Year Payroll Checklist should help you identify any actions you may need to take to ensure you continue to get your payroll right. This helpful MBIE page provides an updated list of current and past changes.

Review salary and wage info — Before your first pay of the new financial year, review and make any necessary updates to pay rates for your employees such as an increase in the minimum wage. Alternatively, applying the increase from the start of the pay period containing 1 April will be beneficial for your staff and may be administratively easier.

Check employee contracts — Occasionally there may be legislative changes that require amendments to existing employment agreements or the template you use for future employment agreements. For example changes to rest and meal breaks or trial periods. Also consider if you have enough detail in your employment agreements about how leave entitlements will be calculated for employees with no set work pattern - we advise including a clause describing how the portion of leave entitlement taken will be determined, for the avoidance of doubt.

Ensure your payroll system is up to date with the correct employee settings so it can calculate the right entitlements for leave and public holidays. Claim annual leave paid out — New Zealand tax legislation allows employers to claim any Annual Leave paid out within 63 days of the end of the financial year as a deduction in that year.

Have a chat with your accountant or bookkeeper about this. You should be able to access this info via the reporting provided by your payroll system. Generate any helpful reports - Downloading reports from the past financial year is good practice for record-keeping purposes. Some of the most useful reports to download from your payroll software include time summaries, pay summaries, employee pay details and holiday leave history.

Download or update your software to account for the tax changes — Updates are applied automatically behind the scenes. File anything with IRD — This is all taken care of via our automated payday filing. Print payroll reports — Save the trees! With our cloud based payroll, all your data is always available online. Just invite your employees to use the employee portal for ongoing access to that information, or direct them to myIR.

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