The end of the financial year is always a busy time but with the tips below you can take action now to streamline your payroll for the end of the financial year.
To start off, set up auto super before the cut off. You can do this by clicking this link and following the instructions, or, alternatively, contact us.
If you are already using auto super and need to pay super contributions by 30 June we suggest that batches are submitted no later than 1pm Monday 22 June to make sure they reach the super funds in time.
If you have not yet done so, now is a good time to do reconciling. For those who have Xero, this is simple and easy. To reconcile Payroll in Xero, you need to:
- Generate a Payroll Activity Summary Report
- Then reconcile it with your General Ledger transactions
The total earning, total superannuation and total tax amounts need to match. If they don’t, it’s time to make amends. Here are a list of common problems and how to resolve them:
Problem: Payroll is higher than what’s showing in the General Ledger.
That could mean: A draft bill hasn’t been created for all your pay runs.
Solution: You first have to identify any pay runs that need a draft bill, and then create them.
Problem: The General Ledger is higher than what is showing in Payroll.
That could mean: Multiple draft bills have been created, other transactions have been coded to the payroll account, or payments have been reconciled to the wages expense account rather than the wages payable account.
Solution: Delete or void an invoice or credit note. Or, edit the spend money transactions.
Here at Rush and Associates we pride ourselves in being able to provide you with the best possible service to benefit you and your business. If your Payroll and General Ledger do not match, or you have any other queries or issues, please do not hesitate to contact us so that we can assist you. Ensuring that your End of Financial Year is as smooth and stress free as possible, is a top priority for us.