Navigation: Reports > Payroll Reports > Single Touch Payroll Report >

EOFY Finalisation

 

 

 

 

EOFY Finalisation

 

End of financial year does not need to be stressful. With Q6, once you have set up Single Touch Payroll, you can efficiently and easily prepare Payroll EOFY. Using Q6, you can sign off your EOFY STP and send it directly to the ATO. With Single Touch Payroll reporting, you no longer need to print out PAYG Summary to your employee like you used to do in the past.

 

Steps on how to setup EOFY Finalisation

First Step, make sure termination procedure has been done correctly for employees left the company that financial year through Reports > Payroll > Single Touch Payroll Reporting, and ensure a complete Pay Run procedure has been done for each employee.

Second Step, print or download Payroll Summary for the previous financial year, selecting all employees included through Reports > Payroll > Payroll Summary.

Third Step, go to Report > Payroll > Single Touch Payroll Reporting, then select EOFY Finalisation.

Fourth Step, Click on the arrow at the end of each row for each employee, then select Download Report.

Fifth Step, Review the Payroll Summary report against the downloaded STP report and make sure that the Year to Date amounts are correct. If there are any discrepancies or amounts you are not certain about, please consult your accountant to adjust the Pay Run.

Last Step, Once all the data matched against the STP report and Payroll Summary, you may select all the employees from the list under Report > Payroll > Single Touch Payroll Reporting > EOFY Finalisation, then select Set as Final. A pop up message will appear on the screen to confirm that the EOFY STP has been successfully sent to the ATO.

In no more than ten minutes, you have completed all PAYG summary for all your employees. Once the final submission has been received by the ATO, the ATO will send a notification to each employee’s myGov inbox when their income statements are 'Tax ready'. 

 

 

 

 

Copyright © Q6 Cloud Accounting