Happy EOFY everyone!
Its that time of year again and if you're starting to get prepared for your EOFY finalisation, then hopefully this tip makes things a lot easier for you.
I'm going to highlight a couple of reports that I'd highly recommend utilising to help make your EOFY reconciliation a breeze 🙂
✨ The STP YTD Report
The new STP YTD report allows you to easily view employee YTD balances that will be submitted to the ATO as part of your STP submissions.
The report shows STP-reportable YTD values from Paid or Posted pay runs, including Initial YTDs, for a selected financial year (draft pay runs are excluded).
Employee balances in the report are always calculated from the start of the financial year however you can set an end date when generating the report if required.
The STP YTD report makes it much easier to reconcile payroll throughout the year, and will become valuable companion at EOFY time. It will also allow you to compare balances with the Employee Earnings Summary Report (info below), identify discrepancies earlier, and eliminate any stress not just at EOFY time but throughout the financial year.
✨ Employee Earnings Summary Report
The Employee Earnings Summary report gives you a full overview of employee earnings over any date range you select and includes all transactions, including those from draft pay runs and also has the option to include initial YTD balances.
The report groups data by employee in alphabetical order and it includes a visual indicator to highlight any pay items that are not reportable via STP to support you during reconciliation.
Important: The Employee Earnings Summary report includes balances from all pay runs, including draft pay runs in your selected date range.
If you have pay runs in draft that are no longer required, its recommended to delete them prior to your EOFY reconciliation and finalisation.
Using these two reports in conjunction with each other is a great way to give you a full view of your payroll over the course of the financial year and make your EOFY finalisation super easy.
