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:

  1. Backup

    This backup needs to be kept for financial reasons and becomes part of the businesses history.

  2. 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

  3. 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

  4. 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.

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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.