End of financial year checklist for EXO Payroll (Australia)

An employee's Financial Year runs from 1 July to 30 June. When the Financial Year concludes the End of Year procedures such as Reconciling, Printing Reports and filing information with the ATO can be carried out.

When dealing with employee payments the Financial Year for tax purposes includes any payments that have a Physical Payment Date of 1 July to 30 June each year and may differ from the accounting Financial Year.

The End of Year procedure requires many processes to be done. To assist with this, a document has been attached to this article detailing the recommended End of Year procedure to be carried out in the MYOB Exo Payroll software.

This document can be printed and used as a checklist to ensure each item in the process is completed.

Below is a summary of the items detailed in the attached checklist document.

Install the Compliance Release

Install the Compliance Release from either of the following options:

Upgrade Software Online (from the Help menu)
Download and install the upgrade manually (Click here for further information on this procedure)

Reconciliation

Print the following reports to use for reconciling:

Trial Balance
Pay Summary
Costing Analysis
Superannuation Summary

Reportable Fringe Benefits

These steps deal with Fringe Benefits that are to be reported to ATO (Click here for more information)

Reinstate Terminated Employees
Load the Reportable Fringe Benefits
Re-terminating those employees that had been reinstated

Payment Summaries

Payment summaries provide pay information to both the employee and to the ATO.

Employee

Individual Non-Business Payment Summary
Voluntary Agreement Payment Summary
Employment Termination Payment Summary

ATO

Electronic File (EMPDUPE.A01file)

Financial Year Lockdown Date

Financial Year Lockdown Date ensures the pay information is not altered once everything has been done.

Financial Year Lockdown Date

File attachments

Need more help? You can open the online help by pressing F1 on your keyboard while in your software.

You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.