To ensure you're compliant and ready to commence the new financial year on 1 April, there's a few things you need to do at the end of the financial year. The tasks below outline what you need to do before processing pays for the new financial year.
For information on the latest Payroll version and other great EOFY resources, visit myob.co.nz/eofy.
Complete the following before March 31:
- Finish the last pay of March.
Complete an additional backup (keep one off-site). See Creating a backup for instructions.
- Print the following reports:
- Employee Balances
- Pay Audit Trail
- Pay Code Totals
- Holiday Accruals (print totals as they are at the EOY)
- IRD Schedule (print this for your records)
- Earnings Certificates. These are designed for printing on letterhead. The Earnings Certificates are not required by the IRD, but we recommend that they be printed so employees can check the information provided by the IRD.
If you have entered all or part of your Pay History manually (through ENTER HISTORY) this data will not be included in the Gross earnings/PAYE details of the Earnings Certificate.
- (Optional) Print the following reports. These will all print on one page per employee:
- Employee Audits
- Employee Details
- Employee Holidays
- Employee Sick Leave
- Employee Alternative Holidays
- Complete the month-end process (go to the Process Pays command centre and click Change PAYE Period).
In the bottom-right corner of the Payroll window, change the Current Pay Ended date to your first pay date in April. You'll be prompted to update your PAYE Period - follow through this process.
If any employee's holiday anniversary or sick leave anniversary occurs between your last pay and the first pay date in April, then their leave details will need to be updated using the normal procedure.
- During this process a Change PAYE Period message appears - click YES.
- Click OK to the confirmation message that your PAYE period has been updated.
Your payroll year will now have rolled over and you will be able to successfully process your pays in the new financial year.