Before you submit your final payroll and STP for this financial year, you need to complete the following checks:
- Reconcile your payroll ledger
- Check previous STP submissions
- Confirm member information
Part 1: Reconcile your Payroll Ledger:
We strongly recommend that you reconcile your payroll General Ledger (GL) accounts as they stand at the end of May 2024. Specifically, it is important to confirm that your:
- Gross wages
- PAYG tax
- Superannuation
are all reconciled to your GL - paying particular attention to both any RESC (salary sacrificed) and allowances. If variances are identified here, please rectify these prior to running the final payroll for this financial year.
Remember: you can process negative pay so that any adjustments required to employee gross earnings or tax can be done through a normal payroll run.
To do this, run a Payroll Summary report to complete the GL reconciliation. In the finance environment, navigate Reports > Payroll > Payroll History:
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In the next screen, select All Staff Members and then set the date range per the below:
- FROM DATE: the start of the financial year.
- TO DATE: superannuation cutoff date for May 2024.
To find the start of the financial year (noting that this is dependent on how you closed off the previous financial year):
- First, access your payroll settings via the Tools menu:
- Next, when the word global appears, expand the [+] icon next to it. From the expanded menu, select Payroll:
- At the top of the displayed screen, you will see the current financial year start and end dates - use the start date when pulling the payroll history report above:
To find the superannuation cut-off date for May 2020, select superannuation in the same global menu:
With the dates found above, pull the report:
The following report will produce and show totals across all payrolls processed within the specified date range:
With the above, you can then reconcile the totals on this report to the totals in your GL.
Remember: the superannuation amount shown on the Payroll Summary Report shows all superannuation processed through payroll and not just the qualified superannuation amount.
To ensure your GL is correct, please also make use of the Super Guarantee report and reconcile to the amount obtained.
Part 2: Check STP Submissions:
NOTE: the due date for your final STP MUST be completed before the 14th July 2024.
Prior to submitting your final STP - all other submissions must be at the COMPLETED status. To check this, access the STP menu in the finance application and select Process Single Touch Payroll:
When the screen appears, please select the drop-down next to period ending date - this will then give you visibility over the status of all previous STP submissions per the below screen:
You can then get the report of STP YTD:
At this stage: DO NOT SUBMIT YOUR FINAL STP!
Part 3: Check/Audit Member Information
This is a key check to ensure that all of your staff members' information is correct - particularly related to super and to tax. Some key checks are:
- Verify member TFN - then, highlight the number of members listed on default numbers (for example, 11111111
- Contact members to check & verify (then updating as needed) TFN details BEFORE the ened of the year
- Confirm that Terminated Employees have Termination date and Reason on their profile
Additionally, the following reports are useful in validating and auditing your members' data: