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Payroll year-end checklist

We know that this time of year can be hectic for everyone involved in Payroll, so our trainers have put together this handy checklist to help you get through this busy period without missing any vital steps.

Procedure  Tick if completed
1) Check employee details
a) Name / Address / TFN / Date of Birth / Termination dates
2) Check entitlements
a) Make sure they “carry over”
3) Ensure all pays, bonuses etc have been posted and your payroll clearing/electronic balance is 0
4) Reconcile your payroll!
a) Run payroll summary reports and match this to your general ledger.
b) Run you superannuation reports and reconcile them to your general ledger
c) Reconcile your Gross Wages and PAYG with your lodged BAS’s
d) Reconcile the total of you your payroll items with your draft payment summaries
5) Print or Email your payment summaries
a) Payment summaries can be provided to your employees electronically. It is important that you advise your employees how they can access their payment summary electronically.
6) MAKE A BACKUP and store in a safe place
7) Ensure that you load new tax tables and super rates prior to the first pay run of the year.

 

We will shortly have our Payroll Updates and Salary Packaging Updates courses available on DVD and Online, which are great for getting you ready for the new financial year. For further details on these courses, please visit our Payroll Updates and Salary Packaging pages.

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