Processing Tips for MYOB Payroll End of Year
At the end of each payroll year (which finishes on March 31), you need to produce some reports from MYOB for the business and IRD, but, most importantly, you need to be compliant for the next payroll year. Every year the New Zealand Government makes changes to the legislation. Sometimes the changes are small, and sometimes they are big, but no matter what, it’s important to keep payroll up to date.
Steps involved in keeping you up to date
As soon as MYOB release the update for MYOB Payroll it can be installed whether you have processed the last pay for that period or not. Before you actually close the year you need to complete some steps:
This backup needs to be kept for financial reasons and becomes part of the businesses history.
Print your reports (these are the minimum required)
Employee Balances report
Pay Audit Trail report
Pay Code Totals report
Holiday Accruals report
IRD Schedule report (for your records)
Earnings Certificate report
Print your reports (these are optional and generally print one employee per page)
Employee Audits Report
Employee Details Report
Employee Holidays Report
Employee Sick Leave Report
Employee Alternative Holidays Report
Product your PAYE Reports as normal
Product both the IR348 and IR345 as normal. Upon finalising these you will receive the following message, click yes providing you have installed the latest update.
What to do now
Keep that backup safe, put it in a firebox, or place it in an offsite location. File away your reports and keep them for seven financial years. Hand out Earnings Certificates to any staff that want them or file them away with the rest of the reports. You are now ready to start the pays in the New Year, but don’t forget to file and pay IRD before 20 April.