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www.myob.com.au MYOB Australia Pty Ltd ABN 13 076 760 198 12 Wesley Court Burwood East VIC 3151 Australia
Copyright MYOB Technology Pty Ltd 2004. All rights reserved Registered to MYOB Technology Pty Ltd ABN 30 086 760 269
Contents
Welcome
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MYOB RetailManager
Step 1 Step 2 Step 3 Step 4 Step 5 Perform the stocktake Print the Whats in Stock report Print the Aged Debtors, Lay-by and Sales Order reports Back up the shopfront Perform the Accounting Export
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Contents
End of payroll year
MYOB's business management software 56
Step 1 Step 2 Step 3 Step 4 Process the last paycheques for the year Print payroll reports Reconcile PAYG Tax Ensure any workers under labour hire arrangements have been identied Step 5 Print PAYG Payment Summaries Step 6 Make a backup Step 7 Start a new payroll year 58 59 60 61 62 72 72
MYOB PowerPay
Step 1 Step 2 Step 3 Step 4 Step 5 Finalise the last pay run for the year Enter any pay adjustments Print the Payment Summaries Send the EMPDUPE le to the ATO Start a new payroll year
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Welcome
Looking forward to this end of nancial year?
There's so much to do organise your nancial information for the accountant, prepare your BAS, print and lodge PAYG Payment Summaries it can all get overwhelming! That's why we've prepared this step-by-step guide. With comprehensive, easy-to-follow instructions on closing the nancial and payroll years in your MYOB software, you have all the information you need to start the new year smoothly. Throughout the guide you'll also learn how various MYOB M-Powered Services can streamline many of your business processes. You'll soon discover that there's more to MYOB than just software.
MYOB Australia
Although the requirements for your business at the end of the nancial year might seem daunting, you can take advantage of a number of MYOB accounting software features to easily prepare your business for the new year. Important: Before you begin, ensure that all of your purchases, sales, cheques and payroll entries have been entered to 30 June 2004. You are then ready to move forward.
You can enter transactions for the 2004/2005 nancial year even if you haven't nalised the 2003/2004 year. When you are ready to start a new nancial year, any transactions you have entered for the new year will not be affected. However, you will need to run the Start a New Financial Year assistant before you can enter budgets for the new year.
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Checklist
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Back up your company le Reconcile your bank accounts Reconcile your accounts receivable Reconcile your accounts payable Reconcile your inventory Reconcile your GST control accounts Review your accounts and reports Provide information to your accountant Enter any end of year adjustments Start a new nancial year
Find out more about MYOB Training at www.myob.com.au/training/ . You can get onsite assistance with these end-of-year procedures. Hundreds of MYOB Certied Consultants can help you onsite with these end of year procedures or any other question you may have about your software. Search for a Certied Consultant near you at www.myob.com.au/support/ccmembers/ .
2. Select the Backup all data and Check Company File for errors options. 3. Click Continue and the verication will begin. When the data verication process is complete, a message will appear, describing the results of the test. If the process was successful click OK. (If the process discovered errors in your company le refer to the following Tip.) 4. Click OK. The Save In window appears. Using the Save In eld drop down arrow, select where you want to save your backup le. 5. Click Save.
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The verication feature checks your company le for errors. Data verication can catch minor inconsistencies in your company le before they cause serious problems. If an error is detected during the data verication process, we recommend you run the Optimisation Assistant. The Optimisation Assistant can make your company le more efcient and is capable of xing certain types of data errors. To run the Optimisation Assistant Go to the File menu and choose Optimise Company File. Once you have optimised the le, perform the data verication procedure again to determine if the data errors have been repaired. If errors continue to be detected and the message refers to a particular transaction, open the transaction, review it or delete and re-enter it. If you receive a message referring to a record, such as an inventory item or tax code, open the record to investigate its setup. If the verication process does not specify transactions or records, you should restore the most recent backup of your company le and use that le instead. (You should also check that company le for errors.) Note: If you are using MYOB Premier or MYOB AccountEdge in a network environment, ensure all other users have logged out before running the Optimisation Assistant. Also run the Optimisation Assistant from the server.
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2. Select the account you want to reconcile. 3. Enter the closing balance of the bank account you're reconciling in the New Statement Balance eld. 4. Enter 30/6/2004 as the closing date of the reconciliation period in the Bank Statement Date eld.
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If your bank or credit card statement's closing date is after 30 June, simply rule a line after the last June transaction, calculate the closing balance on the statement as of the last June transaction, and reconcile with a statement date of 30 June 2004 in your MYOB software.
5. Mark the transactions that appear on your bank statement by clicking in the left column.
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If interest or service fees are on your bank statement, but do not appear in the Reconcile Accounts window, click Bank Entry and enter those transactions. They will automatically be marked as "Cleared".
6. If the Out of Balance amount is: zero, you have successfully reconciled the bank account. Click Reconcile and choose to print the Reconciliation report. After printing the report, click Reconcile again and then click the Reconcile option. a non-zero amount, refer to Support Note 440 Bank Reconciliation Out Of Balance, which can be found at http://support.myob.com.au . If you need help reconciling a bank account, click the Help button in the lower-left corner of the Reconcile Accounts window and view the To Reconcile an Account topic.
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The service includes a variety of tools and resources, including: Legally binding terms and conditions, which can be downloaded free of charge by MYOB customers on a support plan, and used on your invoices. These terms and conditions include the Dun & Bradstreet logo as well as terms for late payment (including interest and default charges), and provisions for account recovery. Access to a web-based account recovery service that puts Dun & Bradstreet's expertise to work for you and gives you real-time access to the progress of each account recovery action you have in place.
For full details of the MYOB Accounts Recovery Service powered by Dun & Bradstreet, visit www.myob.com.au/billing_cycle/ .
To reconcile your accounts payable 1. Go to the Reports menu and choose Index to Reports. 2. Click the Purchases tab and highlight the Payables Reconciliation Summary report. 3. Click Customise and set the Payables As Of date eld to 30 June 2004. 4. Click Display. 5. If the Out of Balance amount is: zero, the accounts payable reconcile. Print and store the report in a secure location. a non-zero amount, please refer to Support Note 665 Payables Reconciliation which can be found at http://support.myob.com.au
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This service is currently available for Commonwealth Bank of Australia customers. To apply, read the Product Disclosure Statement, or to register your interest in having this service work with another preferred bank, visit www.myob.com.au/m-powered/ . M-Powered payments is available for the following MYOB products: MYOB Accounting v14 MYOB Accounting Plus v14 MYOB Premier v8 MYOB Premier Enterprise v2
To reconcile foreign currency payables This procedure is applicable if you are using MYOB Premier or MYOB AccountEdge and have the multi-currency feature turned on. 1. Go to the Reports menu and choose Index to Reports. 2. Click the Purchases tab and highlight the Payables Reconciliation Summary report. 3. Click Customise and set the Payables As Of date eld to 30 June 2004. 4. Select the currency to reconcile and ensure that the Display In eld (located in the Finishing tab) is set to Originating Currency. (If you are using MYOB Premier v7.5 or earlier, or MYOB AccountEdge v3 or earlier, click Advanced to access these elds.) 5. Click Display.
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Before reconciling your inventory, ensure that you have performed a physical stocktake of your inventory and that your MYOB accounting software's "on hand" gures match the actual quantities on hand. Use the Count Inventory function accessible from the Inventory command centre to print the Inventory Count Sheet report and to input your stocktake results.
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To reconcile your inventory 1. Go to the Reports menu and choose Index to Reports. 2. Click the Inventory tab and highlight the Inventory Value Reconciliation report. 3. Click Customise and enter the date as 30 June 2004. 4. Click Display. The Current Value column lists the value of all of the inventory items as of 30 June 2004 according to the Items List. This totals to the Inventory Value at the bottom of the report. Directly below this is the Account Balance eld, which is the balance of the inventory general ledger asset account as at the ltered date.
5. If the Out of Balance amount is: zero, your inventory balances. Print and store the report in a secure location. a non-zero amount, you will need to nd the transactions that are causing the out of balance. See the following procedure and example.
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Example: Locating transactions that cause imbalances The Inventory Value Reconciliation report is run on 30 June 2004 and the Out of Balance amount is $100.00. Step 1 Pinpoint the date that the imbalance rst occurred. Filter the Inventory Value Reconciliation report for a prior date to nd when it rst went out of balance. The report is found to go out of balance on 1 January 2004. Step 2 Locate the transaction(s) that caused the imbalance. Perform an account inquiry, using the Find Transactions window, on the inventory asset account for 1 January 2004. A purchase transaction dated 1 January 2004 is found. Note the allocation account is 1-1400, which is the inventory asset account. A servicetype purchase has accidentally been allocated to the inventory asset account and has caused the imbalance. Step 3 Edit the incorrect transaction. To x this incorrect purchase, click the zoom arrow to open the purchase and change the allocation to the correct account (in this example it should be an expense-type account). When the Inventory Reconciliation report is redisplayed as at 30 June 2004, there is no longer an out of balance gure.
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4. Select June if you remit your BAS monthly or April to June if you remit quarterly. 5. Click Display.
6. If the "Out of Balance" amount for an account is: zero, the control account reconciles. Print and store the report in a secure location. a non-zero amount, see the following tips.
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A tax code has had its linked account changed part-way through the reporting period: The Tax Information Reconciliation report is categorised by the tax codes' linked accounts. Therefore, the linked accounts are used as report sub-headings, under which the associated tax code(s) activity is listed. Where a tax codes linked account has been changed, and that change is within the reports period, the tax codes entire activity for that period is reported against the account it is currently linked to. As only a portion of the tax codes activity was actually posted to its current linked account, an out of balance for the account will be reported. To determine if a tax code's linked account has been changed: 1. Restore a backup of your company le from the last BAS reporting period. 2. In the restored company le, select the Tax Code List report in the Index to Reports window, and click Customise. 3. Go to the Report Fields tab and choose to include the Tax Collected and Tax Paid report elds. (If you are using a pre-2004 MYOB software release, you will need to click the Design button to add these elds.) 4. Display and print this Tax Code List report and then compare it with the same report produced from your current working company le. Comparing these two reports will help you identify any tax codes that have had their linked accounts changed. For further information about the Tax Information Reconciliation report, simply visit http://support.myob.com.au and search for Support Note 1773 Using the Tax Information Reconciliation Report.
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To print a report batch 1. Go to the Reports menu and choose Report Batches. 2. Select the relevant period from the Period drop list. You can choose any of the months or quarters in the current nancial year, or you can choose to print information for the entire year to date.
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Your Period selection affects reports in different ways. For example, if you choose January, any "Activity" reports will show activity information from 1 January to 31 January while the Balance Sheet report will show information as at 31 January.
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Provide reports to your accountant Some accountants simply require you to print out the key nancial reports for the year. Use the following list as a guide to reports that you may be required to send. Prot and Loss Statement for the nancial year. Bank Reconciliation report as at 30/06/04. Balance Sheet and Trial Balance as at 30/06/04. General Ledger (Detail) report. Note: This can be a lengthy report, so you may prefer emailing it to your accountant see the "Did you know" Tip on the next page for more information. Receivables Reconciliation (Summary) report (if you use MYOB accounting software for invoicing) as at 30/06/04. Payables Reconciliation (Summary) report (if you use MYOB accounting software for purchasing) as at 30/06/04. Inventory Value Reconciliation Report (if you use MYOB accounting software to track inventory) as at 30/06/04. GST Summary reports for the June month or quarter.
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Once you have provided your accountant with the information they need, lock the last nancial year so that no entries are made or changed for the old year.
To lock the last nancial year 1. Go to the Setup menu and choose Preferences. 2. Click the Security tab and set the Lock periods up to and including eld to June 2004. You will need to unlock the company le to enter any adjustments your accountant gives you.
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Any transactions that are dated in the new nancial year will not be affected.
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To start a new nancial year 1. Go to the File menu, choose Start a New Year and then choose Start a New Financial Year. The Start a New Financial Year window appears.
2. Ensure you have backed up before you proceed as this will be the only source from which you will be able to retrieve detailed gures and information for the previous year. If you havent backed up your company le, click Backup. (If you are using pre-2004 MYOB software releases, click Cancel and then follow Step 1 on page 9 to back up your company le.) 3. Click Continue. You will be presented with a list of all the changes that will occur during the Start a New Financial Year process. Read this carefully and then click Continue. 4. Specify the new nancial year and the last month of the new nancial year. In most cases you can accept the default details showing in this window. If you are closing the nancial year ended 30 June 2004, you would select 2005 as the new nancial year (as it covers the 2004/2005 years), and June as the last month of the nancial year. 5. Click Continue. Choose the number of periods to use in the new nancial year (this feature is not available in MYOB BusinessBasics or MYOB FirstEdge). If you're not sure whether you need twelve or thirteen periods, choose thirteen.
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The process may take some time if you have a large number of transactions or records in your company le. Once this process is complete, you're done!
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Checklist
1. 2. 3. 4. 5. Perform the stocktake Print the Whats in Stock report Print the Aged Debtors, Lay-by and Sales Order reports Back up the shopfront Perform the Accounting Export
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MYOB RetailManager
Clearing pre-existing stocktake gures When performing a new stocktake, click Clear All in the Stocktake window. This prevents the previous stocktakes information from being added to the new gures.
Printing a report to help you perform a stocktake Click the Stock Sheets button in the Stocktake window to print a list of the items that require counting. You can use this report if you want to perform the stocktake ofine and then transfer the results to MYOB RetailManager.
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Performing a partial stocktake You can choose to perform a partial stocktake for particular categories or subcategories, or if you only want to change a few items, you can perform a single-item stocktake. See the Stocktaking chapter of your MYOB RetailManager User Guide for more information about these options. Completing a stocktake in multiple sessions If you cannot complete the stocktake of all items in one session, you can close the Stocktake window and even close MYOB RetailManager and return to it at a later time. Any gures you have entered will be saved. Note that if you were performing a partial stocktake, the Partial Stocktake, Primary Categories and Subcategories checkboxes will all be cleared when you return to the Stocktake window. Simply mark the relevant checkboxes to continue the stocktake. Accounting for items sold after being counted If you have counted items and then made additional sales of those items, you will need to adjust the item quantities in the Stocktake window, by entering negative quantities. For example, if you counted 10 Pencil Sharpeners, but sold two after counting them, you would enter the Pencil Sharpener barcode into the Stocktake window again with a count of 2. The nal count for Pencil Sharpeners would then be eight. Counting lay-by and sales order stock When performing a stocktake, ensure that you count any lay-by and sales order stock that you may have. MYOB RetailManager will assume that you have accounted for the lay-by and sales order stock in your stocktake gures. For example, if you have ve microwaves on lay-by and 10 on the shelf, you would enter 15 microwaves into the stocktake.
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MYOB RetailManager
If a barcode cannot be found If a message appears stating that the barcode cannot be found, check that the item actually belongs to one of the categories that you have chosen to stocktake. Either clear the Partial Stocktake checkbox and rescan the barcode to see if it appears, or go to the Information menu and choose Stock to double-check which category, subcategory or custom elds the item has been assigned to. Before committing the stocktake Ensure that you have counted each and every item. Uncounted items are set to zero when you commit the stocktake meaning that every item you did not count will have a zero inventory level. If you do not use MYOB RetailManagers Accounting Export feature (as shown on page 49), you will also need to print the Display Shortages report before committing the stocktake. This report compares the previous MYOB RetailManager stock levels with the new count that you have entered in the Stocktake window. You will need this report to prepare journal entries for your accounting software. To prepare journal entries for your accounting software 1. In the Stocktake window, click the Display Shortages button (in the bottom right-hand corner). 2. Click the Print button in the toolbar. If the report has many pages, you can choose to print the last page only. Click the Pages radio button and enter the last page number of the report into both the From and To elds. 3. Click Print.
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4. Using the Value columns total, as shown below, create a General Journal entry in your accounting software that credits your Inventory (Stock) account and debits your Stock Expense (Spoilage, Shrinkage etc) account. If the Value columns total is a negative amount, debit the Inventory account and credit the Stock Expense account.
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MYOB RetailManager
Step 3 Print the Aged Debtors, Lay-by and Sales Order reports
As part of your end of nancial year records, you should also print a list of your aged debtors (money owed to you by your Account customers), a summary of the lay-by items you are holding and details of the payments that have been made on your sales orders as at 30 June 2004. To print these reports, go to the Tools menu, choose Reporting and then choose Customer. You can then choose to print the Aged Debtors Detailed report, the Lay-by Detailed report and the Sales Order Detailed report.
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Checklist
1. Print the depreciation and asset reports 2. Start a new year
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After entering the depreciation journals, you will notice that the Accumulated Depreciation account in your Accounts List will have a negative balance (-). This represents the accumulated reduction in the value of the asset. The balance of the Original Cost account in your Accounts List will not change as a result of depreciation being recorded.
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Asset Transaction Journal Use this report to enter the required journal entries into your MYOB accounting software or other accounting software. Capital Allowance Schedule Print this report and give it to your accountant if you are a Non-Simplied Tax System (Non-STS) business. Depreciation Schedule Worksheet 1 Your accountant may require this report for tax purposes. Depreciation Schedule Worksheet 2 Print this report if you are a NonSTS business, as it contains information about your Low Value Pool assets. Low Value Pool Statement and Low Value Pool Summary Print these reports if you are a Non-STS business. General Simplied Tax System (STS) Pool Statement and General STS Pool Summary Print these reports if you are an STS business, as they detail the assets contained in the General STS pool. Long Life STS Pool Statement and Long Life STS Pool Summary Print these reports if you are an STS business and you have assets in the Long Life STS pool. Software Pool Summary Print this report if you have set up and use the Software Development Pool. Trial Balance The Trial Balance journal displays the debit and credit balances of your asset groups. You can display these values by either book or tax values.
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4. Read the information in the Transactions window and then click Next. 5. Choose whether your business will be an STS business or a Non-STS business for the new nancial year, and then click Next.
6. Review the depreciation and pool settings, clicking Next to accept the changes you make and to step forward in the assistant. If you have chosen to be an STS Business, you will need to set up the: General STS Pool Long Life STS Pool Software Development Pool Full Depreciation Limit If you have chosen to be a Non-STS Business, you will need to set up the: Limits of the Low Value Pool Software Development Pool Full Depreciation Limit 7. When you reach the Ready to go! window, it will be your last opportunity to go back and make changes to any settings in the Start a New Year assistant.
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To edit settings that you have changed in the assistant, click Back until you reach the window you want to change. To cancel the assistant, click Cancel. Any changes you have made will not be saved when you return to the assistant. To proceed and start a new year on the data le, click Finish. After this point, if you realise that you have made errors or need to adjust data from the previous year, you will need to restore a backup, make the changes and then repeat the Start a New Year process.
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Important: In order to lodge your Payment Summaries electronically via the ATO ECI software you will need to be using MYOB Accounting Plus v12 or later, MYOB Premier v6 or later or MYOB AccountEdge.
Checklist
1. 2. 3. 4. Process the last paycheques for the year Print payroll reports Reconcile PAYG Tax Ensure any workers under labour hire arrangements have been identied 5. Print PAYG Payment Summaries 6. Make a backup 7. Start a new payroll year
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Variance
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If there is a variance between the PAYG remitted to the ATO and the Payroll Activity and Payroll Register reports, you will need to print these payroll reports for each month and compare them to your PAYG Employer Payment Book until you nd the discrepancy. (See Step 2 for reasons why the Payroll Activity and Payroll Register reports may not match.) You can also compare the total gross wages shown on the Payroll Activity and Payroll Register reports with the Wages expense account in the Prot and Loss Statement for the payroll year. If the two gures do not match (remember to take into account any allowances paid into other accounts), you will need to print the Payroll Register report for each month and compare it to the monthly Prot and Loss Statements until you nd the discrepancy.
Step 4 - Ensure any workers under labour hire arrangements have been identied
The Payment Summary information you will send to the ATO (via the EMPDUPE le) should not contain any payments made to workers under labour hire arrangements. To exclude employees with labour hire arrangements from the EMPDUPE le 1. Go to the Card File command centre and click Cards List.
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To prepare your PAYG Payment Summaries 1. Go to the Payroll command centre and click Print Payment Summaries. The Payment Summary Assistant appears. The Payment Summary Assistant helps you set up the information required for your PAYG Payment Summaries. 2. Click the Plain Paper Payment Summary radio button and click Next. (If you need to print one of the other reports, you can do so after printing the PAYG Payment Summaries). 3. Check Your Company's Payment Summary Information. This window displays your company's name and address, as you entered it in the Company Information window when you set up the company le. This information will appear on your employees' Payment Summaries, and also in the electronic le containing payment summary information that you will provide to the Australian Taxation Ofce (EMPDUPE). Ensure this information is correct, and also enter your company's Trading Name if you wish. Note: In the State eld, you must select one of the following two- or three-character codes: ACT - Australian Capital Territory NSW - New South Wales NT - Northern Territory QLD - Queensland SA - South Australia TAS - Tasmania VIC - Victoria WA - Western Australia OTH - Overseas addresses
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Once you have completed these details click Next. 4. Check your Contact Information The Australian Taxation Ofce requires each business to provide contact information for the person who processed your business's Payment Summaries as well as your company information. If you have approval from the ATO, you can also specify an authorised signatory in this window; this person's name will appear in the "Signature of Authorised Person" area on your employees' Payment Summaries. When you're satised with the entries in this window, click Next.
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5. Set up the Payment Summary elds Indicate which payroll categories in your MYOB software are reported in each Payment Summary eld on your employees' Payment Summary. You can also enter a descriptive label for some elds and these will be printed with the amounts for the payroll categories you've linked to the elds.
Important: Take care when completing this step - incorrectly marking or omitting a category will result in erroneous amounts on the Payment Summaries. Refer to the PAYG Payment Summary - Individual Non Business Guidelines for information about which wages and deductions should be selected for each eld. Use the following information to help you complete this window.
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This will help you distinguish between the amounts that belong in the Gross Payments box and the Lump Sum Payments boxes. Note: Lump Sum Payment C is for any Eligible Termination Payments (ETP) eg. cash sum on termination of employment. These payments need to be issued on a separate ETP Payment Summary. Please contact your local Australian Taxation Ofce for further information. Lump Sum Payment E refers to amounts received for back payment of salary or wages, which accrued more than 12 months ago. Union Fees If you have deducted amounts that belong in the Union Fees box on the Payment Summary, select the eld on the left, then enter the name of the Union in the Description column and select the appropriate Union Fee category on the right. If you have a number of unions, leave the Description column empty and select ALL the Union Fees categories on the right hand side. Community Development Employment Project (CDEP) Salary or Wages CDEP payments refer to salary or wages received by persons of Aboriginal or Torres Strait Island descent on a 'work for the dole' project within their community. If you have made CDEP payments, select the CDEP eld on the left and then select the appropriate CDEP payroll category on the right. Tax Instalments Deducted Select the Total Tax Withheld box on the left. On the right hand side, notice that the PAYG Withholding category is automatically selected. Do not clear this category. If you have set up other deductions to act as tax deductions (eg at rate of 20% tax set up as a deduction) then also select these. Once you have selected all required payroll categories click Next.
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employees. Note that any gures that you change in this window will show with an asterisk (*) next to them. To change the gure(s) back to their original amounts click the Recalc button. Important: You need to enter Tax File Numbers (TFN) for all employees whether you print Payment Summaries for them or not. You can enter your employees' TFN in the Employee Payment Summary Information window (shown above), or in the employee cards. If an employee does not have a TFN, use one of the following numbers provided by the Australian Tax Ofce: Payee Status Payee is under 18 years of age and earns $112 or less a week Payee is a Commonwealth Government pensioner New payee has not made a TFN Declaration, but 28 days have not passed Payee chooses not to quote a TFN and has not claimed an exemption from quoting a TFN or does not t into any of the above categories TFN 333 333 333
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whom Payment Summaries have not been printed). It does not include any employees whose Salary and Tax is equal to $0. Total Tax Withheld: This will be the total PAYG withheld for all employees Total Gross Payments: This includes total salary and wages for all employees. It does NOT include Allowances or Lump Sum Payments. Also note that each employees' Total Gross Payments will truncate the cents (as Payment Summaries do not include cents)
Once you have reviewed the gures on this screen click Next. 11. That's It! You're Finished! You've completed the process of printing your Payment Summaries and have created an EMPDUPE le for the ATO. This window displays general instructions for providing your Payroll Summary information to the ATO. When you've read this information, click Finish to close the Payroll Summary Assistant window.
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To start a new payroll year 1. Go to the File menu, choose Start a New Year and then choose Start a New Payroll Year. The Start a New Payroll Year window appears. 2. The 2004 MYOB software releases give you the option of creating a backup of your company le at this point. Ensure you have backed up your company le before you proceed as this will be the only source from which you will be able to retrieve detailed payroll gures and information. If you havent backed up your company le, click Backup. (If you are using pre-2004 MYOB software releases, click Cancel and then follow the procedure on page 9 to back up your company le.) 3. Click Continue. You will be presented with details of all the changes that will occur during the Start a New Payroll Year process. Read this carefully and then click Continue. 4. Specify the new payroll year. If you are closing the payroll year ended 30 June 2004, you would select 2005 as the new payroll year (as it covers the 2004/2005 years). 5. Click Continue. If you have backed up your company le, and are satised with the selections you've made in the Start a New Payroll Year windows, click Start a New Payroll Year. The process may take some time if you have a large number of transactions or records in your company le. Once this process is complete, you're done!
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The following information will help you end the current payroll year and start a new year on your MYOB PowerPay data le. You will not be able to enter pays for the new payroll year until the Start a New Year assistant has been completed.
Checklist
1. 2. 3. 4. 5.
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Finalise the last pay run for the year Enter any pay adjustments Print the Payment Summaries Send the EMPDUPE le to the ATO Start a new payroll year
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MYOB PowerPay
When you click Continue, you will notice that the Pay Adjustments, Print Payment Summaries and Start a New Year buttons in the End of Year command centre are now available. The bottom left corner also displays End of Year.
Now would be a good time to check the setup of the Sick Leave items. If the Reset sick leave at year end checkbox is marked, all sick leave balances for this item will be zeroed after starting a new year.
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To enter a pay adjustment 1. Go to the End of Year command centre and click Pay Adjustments. 2. Double-click the name of the employee for whom you would like to enter an adjustment.
Click the Payroll Journal icon, located at the top right corner of the Pay Adjustments window to view a list of all pays made to the employee during the year. The adjustment is displayed on the last line, dated 30 June 2004.
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MYOB PowerPay
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Note: If there are pay items that have their Payment Summary position set to Zero (pay items that will not be printed on the Payment Summaries), a message will appear to warn you of this. You should check those pay items to ensure that they have been set up correctly and that their Payment Summary positions are correct. 2. Clear the names of any employees for whom you would not like to print Payment Summaries. 3. Enter the contact information that needs to be printed on the Payment Summaries. 4. Click Print Mag Media Form to print the form that must be sent to the ATO with the EMPDUPE le. 5. Click OK to print the Payment Summaries. You will be prompted to save the EMPDUPE le once the printing has completed.
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MYOB PowerPay
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MYOB PowerPay is available for purchase direct from MYOB Australia. Large payrolls can become very complex with lots of detail to be recorded about your organisation its locations, departments and your employees. MYOB PowerPay takes all the hard work out of the payroll by making it fast to set up and easy to use. Its designed to cater for businesses employing up to 500 employees. PowerPay is a stand-alone system which can also be linked to your MYOB accounting system. You should denitely choose MYOB PowerPay if any of the following apply: you employ more than 30 employees you are liable for state payroll tax you employ staff in different states you have complex salary packaging you have many casual employees or a rapid turnover of staff you wish to allocate payroll expenses across multiple departments.
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RRP: $24.95
www.myob.com.au
MK1996/0504 MISC21001/1-0504