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Payroll period-end – Xero Central
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 The clock icon shows employees with unpublished payment summaries.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. 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.
Like I said, we really do have you covered. 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. Xero and Capital One partner to help rewire the small business economy. Reporting – it just keeps getting better!
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Posted by Alice Munnerley.
Xero end of financial year payroll.Xero Tip #5: End of Financial Year Payroll
Click into your Payroll Settings to review all the information that impacts your payroll reporting. This article is for small businesses who use Xero.
Finalise Single Touch Payroll data – Xero Central – Payroll end of financial year in 7 steps: it’s that easy
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? As well as the end of tax year tasks, make sure you’re prepared for the new tax year. Still have questions? Start a discussion Ask our community of customers, accountants and bookkeepers. Contact Xero support Raise a case with our support team. You can invite your employees to My Payroll. Or you can simply email them the report or print it off as a PDF. Contact us for more tips on getting the most out of Xero.
Does your business have employees? Xero is, once again, here to help! Balances not matching up? Just follow the steps detailed below: 1. Share this post. Subscribe to our mailing list. Search the blog. Recent Posts How doctors can invest through inflation. How to invest in a turbulent market. How doctors can negotiate for a pay rise. How will inflation impact Australians? How to invest sustainably.
