In preparing for your end of the financial year you will need to reconcile your year to date. This means that you run and reconcile reports to ensure that payroll balances back to your accounting system.
There are seven reports to run:
- Payment Summary Report (Year to Date).
- Union Fees Report (Year to Date).
- Allowances Report (Year to Date).
- Leave Entitlement By Type Report.
- ATO Payment Summary Differences Report.
- ATO Payment Summary Report.
- STP Update Report.
If you have changed your financial year-end boundaries as discussed earlier in the steps of this section then you would run the above reports with dates ranges outlined in your File > Company Details > Configuration > Period End for the current year.
If you have utilized the Period End option, but would still like to create the reports using Wagemaster’s Financial Year to date option, you will need to utilize an additional report Reports > Payment Summary > Financial Year Difference to balance what will be recorded on the Employee’s ATO payment summaries for the financial year.