Payroll year end process

Listed below is the recommended method for the payroll year end process. It is only intended as a guide for a standard year end process.

You can print your PAYG Summaries after you have already created the new payroll year and after you have uploaded any new tax rates. If you are still unsure and you are a supported user please Contact Synergetic Management Systems support.

Print PAYG Summaries then create the next payroll year

If you need to create your PAYG Summaries before creating the next year payroll year:

1. Complete any adjustment pays or termination pays.
2. Print out all the journal reports and any deductions reports.

   Note: Remember you are also reconciling for the end of month as well as preparing for the end of year.

3. Update the final pay.

   If you find something wrong even after this step, you can always restore the current pay run. See Restoring updated pays.

   Note: You will need to reprint any relevant reports before you update the second time.

4. Run the superannuation calculation. See Calculating superannuation.

   Note: It is very important you remember to run this now. This will allow you to run your superannuation reports and as well as helping you reconcile the year.

5. Print the Payroll Master File Listing. See Printing the Payroll Master File Listing.
6. Record reportable fringe benefits for all payroll employees affected. See Recording reportable fringe benefits amounts.
7. Print the PAYG Summaries. See Printing PAYG Summaries.
8. Reconcile the PAYG Summaries with the Payroll Master File Listing that you printed earlier.
9. Create a new payroll year. See Creating a new payroll year.
10. Load the new tax rates, if applicable. See Loading new tax rates.

    You should be ready to create your first pay run for the new payroll year.

Complete the final pay run immediately with deferred PAYG summaries

If you need to process a pay run immediately after the new payroll year you may defer the printing of your PAYG Summaries:

1. Complete any adjustment pays or termination pays.
2. Print out all the journal reports and any deductions reports.

   Note: Remember you are also reconciling for the end of month as well as preparing for the end of year.

3. Update the final pay.

   If you find something wrong even after this step, you can always restore the current pay run. See Restoring updated pays.

   Note: You will need to reprint any relevant reports before you update the second time.

4. Run the superannuation calculation. See Calculating superannuation.

   Note: It is very important you remember to run this now. This will allow you to run your superannuation reports and as well as helping you reconcile the year.

5. Record reportable fringe benefits for all payroll employees affected. See Recording reportable fringe benefits amounts.
6. Create a new payroll year. See Creating a new payroll year.
7. Load the new tax rates, if applicable. See Loading new tax rates.
8. Create your first pay run for the new payroll year.
9. Print the Payroll Master File Listing. See Printing the Payroll Master File Listing.
10. Print the PAYG Summaries. See Printing PAYG Summaries.
11. Reconcile the PAYG Summaries with the Payroll Master File Listing that you printed earlier.

Last modified: 4/10/2012 12:08:05 PM

© 2013 Synergetic Management Systems. Published 15 October 2013.