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Steps to perfect your payroll this EOFY | Xero Blog
Xero helps you stay on top of your accounts so you’re ready for the end of the financial year (EOFY). 1. Process any pay runs for the /22 financial year · 2. Reconcile your accounts, comparing the Payroll Activity Summary report and the General Ledger · 4. 7 steps to manage Payroll Year End with Xero · Step 1: Review your opening balances · Step 2: Review your payroll settings and reconcile · Step 3: Process your.
End of Financial Year: Get Sorted With Xero | Xero AU – What’s next?
To avoid busy time the end of financial year, here are some tips on what you can do now to prepare for the things that are due soon. So the payments should be able to reach the super funds before 30 June and it is tax deductible for your business.
To do this you need to generate a Payroll Activity Summary Report, then compare it with your General Ledger transactions. The total figures for earnings, tax amount and superannuation should match on both reports.
If not, there are normally some common mistakes can happen: 1. Solution — go and check if any pay runs that need a draft bill, if any omitted, just create them. The General Ledger is higher than what is showing in Payroll Summary.
Reason — duplicated draft bills have been created, or other transactions have been reconciled to the payroll account, or payments have been coded to the wages expense account rather than the wages payable account. Solution — delete the duplicated draft bill, delete or void an invoice or credit note, or edit the spend money transactions. If you need any help on Xero, please give us a call on 08 or visit our office on Gorge Road Newton.
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