Problem with EOFY statement for STP phase2

gghoro

Dear Rav/ other members,

I have written with problems before. I am an Eye Doc with 2 secretaries/ assistants. EOFY numbers for my secretaries 2022/2023 perfect.

For myself, my accountant wants me to document my wage monthly and has given me a formula to show what I earned, what tax I paid each month. With my EOFY summary for 2022-2023, what I earned has come out too low, the amount of tax paid is too high. How can I alter this? If I make an adjusted pay run for June 2023, easy to say I earned more, but can I show tax= -$5000? Is there anything else I can or should do?

With Thanks for your help,

Greg

Rav

Hi Greg

Without knowing the make up/construction of your pay runs its a little difficult to make a recommendation however if you're looking to understand how to edit pay runs then I'll link a walkthrough below.

🎥 How to edit an existing pay run and send an adjustment/update event in the Payroll App

Just something to note, if you're using custom earning items then you'll need to ensure they are setup correctly as a tax-applicable item in order for them to appear as tax

Just a quick note in regard to tax, this can be manually overridden in a pay run if you have a requirement to do so.

You'll see an example to the left where it shows how to manually edit the tax calculation.

Just tap on the tax component in the pay run and toggle the option to enter a custom tax amount.

Alexis McKeown

Dear @gghoro,

The best path forward is the one that will require a little work due to the nature of these payruns and the differences you're stating.

Breaking it down, you'll need to do the following:

1. Modify your employee record and ensure you have the appropriate tax scaling.
2. Revert previous payruns in the 22/23 FY back to draft, and correct earnings figures.
3. Recomplete the payruns, and submit to the ATO with the "Submit as Adjustment" option ticked.
4. Check your figures against the Payroll Summary report.
5. Resubmit the EOFY 22/23 figures to the ATO once finished.

This would encompass payruns paid in the previous FY, update them for the ATO, and then amend EOFY figures in an accurate way and prevent any issue on the ATO's end.

Regards,

Alexander McKeown

Reckon Senior Technical Support

gghoro

Dear Rav,

I amended the last pay-run for myself for the year 2022-2023. This was entered on 8/7/23. The pay run was for 1-30th June 2023. Unfortunately, as far as I can determine, the program is putting all the amounts towards the EOFY for 2023-2024, i.e. the program looks at the date of entry of the pay run, not the period paid, to determine which financial year, the pay run applies to. Is this correct? (It will take a lot scrambling on my part to sort out the resulting inaccuracies, so I want to check my facts, before making any further alterations.)

Regards,

Greg

Rav

That's correct @gghoro, the pay date is the determining factor in where a pay run belongs, not the pay period.

If the pay date for that pay run is 8 July 2023 then that pay run belongs, and will be allocated in, the 2023/24 financial year.

There's more info here -

https://community.reckon.com/discussion/8033507/where-does-my-final-pay-run-of-the-year-belong-eofy

gghoro

Dear Alex and Rav,

I believe I have sorted out my issues. Thank you both for your help.

Regards,

Greg

Rav

Great work Greg, glad to hear you're all sorted 😊