cancel
Showing results for 
Search instead for 
Did you mean: 
Jess H
Moderator

End of Financial Year: Your Questions Answered!

 
Solved
Best answer July 06, 2020

Best Answers
Jess H
Moderator

End of Financial Year: Your Questions Answered!

As we move from one financial year to the next, there is a lot of work that needs to be done and it can be overwhelming! If you have questions about end of financial year processes such as STP Final Events, reconciling accounts, or closing your books, leave them here and one of our product champions will help out.

 

Plus, from 1pm - 5pm on Wednesday 8th July 2020, we'll be live with a team of QuickBooks Online experts on hand to answer your questions. 

 

Wanting to get started on your EOFY preparation now but unsure where to start? Take a look at our Year-End Checklists for Business Owners and Advisors.

 

 

View solution in original post

7 Comments 7
Jess H
Moderator

End of Financial Year: Your Questions Answered!

As we move from one financial year to the next, there is a lot of work that needs to be done and it can be overwhelming! If you have questions about end of financial year processes such as STP Final Events, reconciling accounts, or closing your books, leave them here and one of our product champions will help out.

 

Plus, from 1pm - 5pm on Wednesday 8th July 2020, we'll be live with a team of QuickBooks Online experts on hand to answer your questions. 

 

Wanting to get started on your EOFY preparation now but unsure where to start? Take a look at our Year-End Checklists for Business Owners and Advisors.

 

 

View solution in original post

DrewOrr
Intuit

End of Financial Year: Your Questions Answered!

Woo Hoo!  Excited to tackle some of those curly ones, happy to help!

office136
Level 2

End of Financial Year: Your Questions Answered!

Hi there,

I have an issue with my STP rec. I have found a double up (non paid) payroll entry early in the financial year also submitted to the ATO. I have tried to create an update event to delete the whole payroll event, but the event created is just from one employee. I don't seem to have any control over what I submit to the ATO in the update event. I think I am following your advice in https://quickbooks.intuit.com/learn-support/en-au/payroll-and-stp/create-and-lodge-an-update-pay-eve... but it does not seem to be working. Can you assist?

 

cheers Linda

Lucas - Product Champion
Content Creator

End of Financial Year: Your Questions Answered!

Hi Linda, 

 

There are a number of things that you may want to check in this situation. First, an Update Event will only send through an update of the current status of Year to Date figures that are recorded in the system, and it does not allow you to customise the values that are submitted through STP. This means that in order to remove the duplicated pay run, you will either need to Unlock the duplicate pay run and zero out the earnings by following the steps below, or if it is unable to be unlocked because a super batch was submitted for that period, create an ad-hoc pay run with negative earnings to reduce the values in accordance with the duplicate pay run so that the net result is zero. 

To zero out the pay run: 

  1. Go to the Employees section of your QuickBooks Online company
  2. Click on Pay Runs and then click on the Pay Period of the pay run that you want to adjust
  3. Click on Pay Run Actions and then select Unlock
  4. Click on the green Unlock button to unlock the pay run
  5. Click on the Employee name/s that you want to zero out to open up their Earnings section 
  6. Adjust all of the figures to reflect nil values and then click on the green Save button on the bottom right of the Earnings section
  7. Once you have completed this process for all relevant employees, click on the green Finalise Pay Run button on the top left of the pay run 

Once you've finalised this pay run, the employee's Year to Date earnings will be updated to reflect the new, corrected value for earnings through STP. You will now be able to create a new Update Event and confirm that the earnings that are being submitted are showing the correct amount, no longer including the duplicated pay run. If you have been through these steps and are still seeing an incorrect figure, you're welcome to reply in this thread and we'll be happy to assist you further! Alternatively, you can give us a call on 1800 046 038 to assist you over the phone, or if you would like a call-back from a representative or to talk to us via Messaging, follow the steps below:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (?) at the top right.
  3. Select Contact us.
  4. Enter a brief description of the issue, then select Next.
  5. Select Start a Chat or Get a Callback to connect to a live support team representative.

-Lucas

office136
Level 2

End of Financial Year: Your Questions Answered!

Thank you Lucas - all fixed

Linda

briggsee
Level 3

End of Financial Year: Your Questions Answered!

Can I post new year transactions before I've completed the old year end process?

RenjolynC
QuickBooks Team

End of Financial Year: Your Questions Answered!

Thanks for chiming in this thread, briggsee.

 

You can create a pay run for the new year transactions. Then, complete the year-end tasks in QuickBooks Online to close out the old year and prepare for the new one.

 

For more information, you can read these articles:

 

You can also reach out to our Payroll Support Team for further assistance. They can pull up your account and check the payroll data.

 

Here are the steps:

 

  1. In your QuickBooks Online account, go to the Help > Assistant.
  2. Type Talk to a human and proceed with I still need a human.
  3. Click the Contact us link.
  4. Select either Messaging or Callback.

 

If you have any other concerns about QuickBooks Online. Just reply here and I'll get back to you as soon as possible.