End of Year Adjustment to tax Reckon One

okalyij
okalyij Member Posts: 3 Novice Member Novice Member
edited August 12 in Reckon One

Can someone help me I'm trying to adjust tax for an old end of year 23/24 year is there any way to do a negative tax entry to reduce the tax amount on the end of year.

Thanks

Julie

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 4,184 Reckon Hall of Famer Reckon Hall of Famer

    the only way would be to alter the pays and reduce the tax in the pays, but that will impact the net amounts and PAYG payments already made to ATO. And more than a year old - you need to get advice from your accountant

  • okalyij
    okalyij Member Posts: 3 Novice Member Novice Member

    Thanks Kris I have tried everywhere to see if I can make an adjustment to tax. The notes along the way suggest amending the Initial YTD figures which I also tried to do with a negative but to no avail?

    Any other suggestions would be welcome.

  • Kris_Williams
    Kris_Williams Member Posts: 4,184 Reckon Hall of Famer Reckon Hall of Famer

    you can’t process a negative pay, the only way is to change existing pays and pay the additional net to employee, or reduce the gross by the same amount of the tax

  • Eric Murphy
    Eric Murphy Member Posts: 413 Reckon Hall of Famer Reckon Hall of Famer

    Agree with Kris, you need to edit the corresponding payrun to reflect what it should be. You can't add a negative value as it doesn't make sense to do so in a pay runs or employee YTDs

  • okalyij
    okalyij Member Posts: 3 Novice Member Novice Member

    Ok thanks everyone for your feedback.

  • Kris_Williams
    Kris_Williams Member Posts: 4,184 Reckon Hall of Famer Reckon Hall of Famer

    you’re welcome, hope you find a solution

Categories