It’s nearly June and that End of Financial Year hype is beginning to rise again – where did the time go? It’s common knowledge that we at KeyPay like to keep things simple. It’s also common knowledge that this time of year can cause a… Read More
A crucial part of wrapping up End of Financial Year is making sure that what you’re submitting to the ATO is actually what has been processed to the employee. If you generate payment summaries and an issue occurs after the fact, it can affect the employee, but it also means the business has to make corrections and amend payment summaries – which is quite a frustrating task and one that is avoidable if you follow the right steps.
Generating payment summaries can be painful if data is incorrect or missing, but if it’s done properly – everything else that follows will be a breeze in KeyPay. It will just be the case of clicking some buttons.
Once you’ve made sure everything is in order, your next task is to download the Payment Summary excel report. Reconcile this report with the Detailed Activity Report generated for the financial year period. More details on that here.
We strongly suggest commencing the above process earlier rather than later. Fixing any configuration settings or invalid data now means you’ll have less reconciling to do after the final pay run of the financial year. It will be much less time consuming and you won’t be tearing your hair out.
Stay tuned for more top tips during EOFY. As always, if you have any questions that haven’t been answered in this article, get in touch at email@example.com.