The recommended practice is to check that your KeyPay Wages and Tax Withheld Report totals match those in your Agrimaster Tax Reports. This report should be run to ensure that the wages recorded and paid as per KeyPay match the wages recorded and paid as per your Agrimaster cashbook software. KeyPay is the source of truth as that connects you to the ATO and is the software used for regular payroll reporting.
You can do this by running a report in KeyPay and then a report in Agrimaster and ensure the data matches in the following scenarios.
- Before making any super payments.
- At the end of each BAS period.
- At the end of the financial year.
- Anytime you wish to check the data matches between KeyPay and Agrimaster.
There are multiple reports that you can run in KeyPay to get the desired result.
KeyPay is a third-party payroll product. You will need to contact KeyPay directly for any support related to KeyPay.
You will need to run Wages and Tax Deductions Report in Agrimaster which will display all the wages gross and wages tax deducted totals for each employee contributing to W1 and W2 for your BAS Report.
To Complete The Wages Tax Reconciliation process
- Compare reports from both the software and check whether they reconcile. If adjustments are required, do so and re‐run the reports.
- Complete the PAYGW online through the ATO Business Portal (see Quarterly GST Reporting Preparation) then 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.