This article is for reconciling wages and tax as part of the normal wages process or at the end of each BAS period and at the end of a financial year.
At the end of each BAS period and at the end of a financial year, the recommended practice is to check that your Wagemaster Wages and Tax Report totals match those in your Agrimaster Tax Reports.
This report should be run to ensure that the wages recorded and paid in Wagemaster match the wages recorded & paid in your Agrimaster cashbook software.
To cross-check that the wages tax withheld for each period reconciles with Agrimaster, you will need to run a Payment Summary Report in Wagemaster as well as Agrimaster.
Generate The Payment Summary Report From Wagemaster
- Select the Reports option.
- Select Payment Summary, click on Current Pay Period/ Month To Date/ Year to Date (choose the appropriate reporting period for your company depending on what time of the year you are doing the reconciliation).
- Enter the date range for the report. Ensure you select the relevant dates as required. (You might need to check your Financial Year Boundaries if you are running a yearly report to ensure correct dates are included). Click Refresh.
- From field: Always choose the first pay period ending (PPE).
- To field: Enter the last pay period ending (PPE) date.
- Or, you can use the Year To Date (Financial) option if you are doing the whole financial year.
- The Last Quarter can also be useful if you are doing a BAS period check.
- You can print this report or have the report open when reconciling (you can print it as a PDF as well).
Generate The Wages Tax Deductions Report From Agrimaster
- From the Home Page, click on Cashbook.
- Click on Report.
- Click on Tax Reports.
- Click on Wages Tax Deductions (Details).
- Click Report Any Period.
- Make the following selection as pictured below.
- Enter the First month and Last month of the financial year you wish to report (for example July 2020 - June 2021).
- Under List Order, select Name to report by this field.
- Click the green tick.
- You will see a report as below.
- Reconcile and compare the Wage Tax Deduction Report in Agrimaster with the Payment Summary Report from Wagemaster (choose the appropriate reporting period: Month to Date/Quarter to Date/Year to Date or selected date range).
The totals shown in the picture above is what will be reported in W1 and W2 for your BAS in
Agrimaster. The figures should reconcile with what has been reported via Wagemaster’s STP Portal.
Complete The Wages Tax Reconciliation Process
- Compare both reports and check that they reconcile. If adjustments are required, do so and re‐run reports.
- Complete the PAYGW online through the ATO Business Portal and print out a copy of the PAYGW for our records.
- Once the current cashbook month is reconciled and closed off, close off the current wages tax period and create the automatic payment to the ATO.
For instructions on closing the wages tax period, click here.