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Xero Now: Own your End of Financial Year - Xero TV.Make this AU Payroll year end the smoothest yet | Xero Blog |
End of Financial Year: Get Sorted With Xero | Xero AU
This article is for small businesses who use Xero. If you've opted in to STP before 1 July , you can't produce payment summaries for the financial year. At the end of the financial year, reconcile your payroll to the general ledger and fix any errors. Ensure you've posted your last pay run for the financial year before continuing. Run the Payroll Activity Summary report and make sure you select all employees and the financial year you're checking.
Run the Trial Balance report , select the last date of the relevant period and sort by account name. Use the following table to check your payroll data by matching the report balances in your Payroll Activity Summary report and the Trial Balance report. If balances don't match, check your pay run history to find the pay run with the error and process an adjustment. Once all balances are correct, you need to review the payment summary amounts.
Run the Payment Summary Details report , select all employees and the financial year you're checking before reviewing the amounts for each employee. If you find any incorrect amounts in the payment summaries, you'll need to fix these before you continue. Review and finalise the summaries before sending them as a payment summary annual report to the ATO. Pre-tax deductions reduce gross wages on the payment summary at the end of each financial year.
You can add these if they need to be reported as reportable fringe benefits in the employee payment summary.
If employee fringe benefit taxes FBTs exist, you can edit these when you review the payment summary. If your employee has a Working Holiday Maker status, their payment summary will display their income status type as 'H'.
Payment summaries for other employee types will display as 'S'. In the Payroll menu, select Employees. Click Payment Summaries. If you've set up STP, you can access old payment summaries. Click End of year reports , then select Payment Summaries. Enter your organisation's details, then click Confirm and Continue. Under Financial Year Ending , select the correct year. Review the summary details for each employee. Select the checkboxes next to all employees, and click Publish.
Review the Status column for all employees in the payment summary table:. The tick icon shows the payment summary is published and ready to submit to the ATO. The clock icon shows employees with unpublished payment summaries. Identify and fix payment summary errors , then republish.
Submit payment summary annual report to the ATO. Report the payment summaries to the ATO. Ask our community of customers, accountants and bookkeepers. Skip to main content Search icon Search Xero Central. Create summaries for labour hire and some employment termination payments ETPs. You need to manually produce summaries for labour hire and other ETP types. You need payroll admin access to prepare payroll data for the end of the financial year.
Reconcile payroll data with the general ledger Run the Payroll Activity Summary report and make sure you select all employees and the financial year you're checking. Review payment summary details and fix any errors Run the Payment Summary Details report , select all employees and the financial year you're checking before reviewing the amounts for each employee. Review payment summaries In the Payroll menu, select Employees. Review the Status column for all employees in the payment summary table: The tick icon shows the payment summary is published and ready to submit to the ATO.
What's next? Once you've generated payment summaries for your employees, you can submit these to the ATO. Still have questions? Start a discussion Ask our community of customers, accountants and bookkeepers. Contact Xero support Raise a case with our support team.
Matching report balances. In your Payroll Activity Summary. In your Trial Balance report.
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