Starting a New Payroll Year using MYOB
The end of financial year is a bit of a pressure cooker for many businesses, coping with stocktakes, a final flurry of sales and purchases and last but not least, finishing off the payroll year. However, if it’s your first year using MYOB software, you’ll be pleasantly surprised at how easy the payroll part of this whole shemozzle is.
Once you’ve printed your payment summaries and checked that they’re all okay, you’re ready to start a new payroll year. On the face of it, this is as easy as clicking a few buttons and telling MYOB software to fire away with the new year. However, there’s one thing you must remember to do first.
Before starting a new payroll year, don’t forget to back up.
When you start a new payroll year, MYOB software clears out the employee totals from the previous year, starting again from scratch. This is fine, but you may well need to refer to this information again, whether it’s for employee queries, management information or workers compensation audits. That’s why it’s essential to make a backup before starting a new payroll year and to store this backup separately from your other daily or weekly backups. To find out more about starting a new payroll year, follow the links below:Understanding why you need to start a new payroll year
Preparing for end of year
Printing payment summaries
Troubleshooting payment summaries
Starting a new payroll year
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