The End of Financial Year (EOFY) can be a tricky time for payroll managers, but have no fear! This article will lead you through some frequently asked questions within the following 3 areas of EOFY Processing using STP:
Section 1: Configurations
Section 2: Creating a Finalisation Event
Here are 3 things to keep in mind before getting into the FAQ:
We haven't been reporting through STP during the financial year but want to process a finalisation event. Is this possible or do we need to lodge an STP even first before lodging a finalisation event?
We only started reporting STP mid-year and had previous processed termination pays. Will the terminated employees appear in the finalisation event?
We changed payroll software during the financial year and haven't added previously terminated employees (from prior payroll software) to this payroll system. How do we deal with terminated employees not entered into QuickBooks Payroll?
Section 3: Lodging a Finalisation Event
What if an Update Event has been successfully lodged and all employees marked as 'is final'? Do I still need to lodge a Finalisation Event?
My employees are normally paid on a regular schedule but sometimes I pay them using an ad-hoc pay schedule. Do I need to process a Finalisation Event for both the regular pay schedule and the ad-hoc schedule?
Content sourced from Employment Hero.