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Seven steps to a successful payroll year end in New Zealand | Xero Blog |
Use Xero Payroll to get ready for payroll year end | Xero Blog - Who we help
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.
Otherwise, you need to process a past year correction. End of year tasks Check your opening balances are correct if you switched to Xero part-way through the tax year: Add payroll opening balances Add employee opening balances Process your final pay run , then review the P11 and P60 reports and give them to your employees.
What's next? You can also take this opportunity to check that any final employee payments and changes have been put through. Here are some tips that may help:. Any errors made throughout the financial year such as missed or incorrectly posted pay runs can be corrected using an unscheduled pay run. Simply create the pay run for the required period, and enter the adjustment amounts.
These adjustments will be filed with Inland Revenue. You can even enter negative values, if needed. Earnings certificates can be issued to employees at the end of each tax year, or at the end of their employment.
To clarify, employers are not legally obligated to issue earnings certificates to employees. Remember that from 24 July , employees are entitled to 10 days of sick leave as at their next anniversary. For example, an employee with a sick leave anniversary of 5 April who works 3 days a week, 10 hours a day, would previously have an annual sick leave entitlement in Xero of 50 hours 5 days x 10 hours per day. They will need this entitlement updated to hours 10 days x 10 hours per day.
If there are no employees to be paid in the final tax period, then a nil pay run can be processed. This can be done by unticking all employees when the pay run is processed to draft and then posted. The final pay run will need to be posted by 19th April to trigger the EPS to be sent between the 12th and 19th of the month in time for the deadline. Once the final pay run has been posted any tax code uplifts and roll overs will take place and the year-end reports will be produced.
Xero will include pay runs with a payment date of 6th April onwards in the new tax year using the updated rates and thresholds. Next up, after the final submission has been completed, the P11 and P60 reports can be reviewed.
The P11 reports are available to you throughout the year and the P60 reports are made available at the end of the tax year. You can even share employee P60s from Xero and we will notify your employee by email when their P60 is available in My Payroll. Our final step is to prepare for the new tax year by reviewing and updating payroll in Xero to meet any changes made to regulations.
Below are some important dates to remember to ensure you complete your payroll year-end successfully:. If you require any additional assistance please contact our payroll specialists here. New Ultimate plan offers most comprehensive Xero package for small businesses. Xerocon Sydney: Xerocon returns to Australia. Xero's commitment to gender equality and fair pay for all. Overview Check the tasks you need to complete at the end of a pay period or financial year.
What's next? Still have questions? Start a discussion Ask our community of customers, accountants and bookkeepers.
Make This Au Payroll Year End The Smoothest Yet | Xero accounting.Stepping through UK payroll year end | Xero Blog
Xero's commitment to gender equality and fair pay for all. Xero and Capital One partner to help rewire the small business economy. Reporting - it just keeps getting better! Small businesses name Xero the most-loved accounting software for the second year in a row. Could someone assist me how to do this transition as I will have to carry over sick and annual day leaves. Simply let us know your email address here so we can get in touch with you directly. Your email address will not be published.
Save my name and email in this browser for the next time I post a comment. Find out why over 2 million subscribers locally and across the world trust Xero with their numbers. Posted by Joel Castner. There are three key changes in New Zealand payroll calculations for the new financial year: The annual ACC earner levy rate is increasing from 1.
Step 1: Post the last pay run Make sure all your pay runs for the financial year have been posted. Step 2: Review and reconcile Go to payroll settings to review all the information that impacts your payroll reporting.
Here are some tips that may help: If multiple expense accounts have been used for earnings and KiwiSaver, make sure the totals are added together and compared against the pay history report Check for any transactions incorrectly reconciled against your expense accounts. Step 6: Review and update employee leave details Remember that from 24 July , employees are entitled to 10 days of sick leave as at their next anniversary.
Popular this week. New Ultimate plan offers most comprehensive Xero package for small businesses by Rachael Powell 26 April Xero's commitment to gender equality and fair pay for all by Nicole Reid 2 March Now, follow the steps below and you should sail smoothly through to year end.
This relates to both the company and your employees. Read this help page to find out how. Click into your Payroll Settings to review all the information that impacts your payroll reporting.
If anything is incorrect you can update this before processing your final pay run. Take this opportunity to ensure any final employee payments and changes have been put through. Be careful with your payment date here. For this to be reported as the final submission of the tax year, your payment date will need to fall in month 12 6th March — 5th April.
Please remember to hit post by your final payment date, if you have a week 53 Xero automatically adjusts the tax calculation for you. It is your duty as an employer to provide your employees with these reports by 31st May. You can generate the P60 reports by following these instructions. HMRC has revised who is now eligible to claim Employment Allowance from the beginning of the next tax year moving forward. Click here for more information.
Find more information here. At Xero we are aware of the upcoming changes for the new tax year and will be providing features to help with the changes. Super contributions must be paid to qualify for tax deductions. Your employees can then complete their income tax returns. If you lodge online, you may be eligible for a two-week extension. If you have employees, your super and PAYG instalments are also due. Check the ATO website or ask your tax agent.
Processing payroll. Closing the books. Setting yourself up for the new year. Start using Xero for free. Email address.
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