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Xero and Capital One partner to help rewire the small business economy. Reporting - it just keeps getting better! Small businesses name Xero the most-loved accounting software for the second year in a row. Your email address will not be published. Save my name and email in this browser for the next time I post a comment.

Find out why over 2 million subscribers locally and across the world trust Xero with their numbers. Posted by Alice Munnerley. Step 2: Review your payroll settings and reconcile Click into your Payroll Settings to review all the information that impacts your payroll reporting. Popular this week. New Ultimate plan offers most comprehensive Xero package for small businesses by Rachael Powell 26 April Xero's commitment to gender equality and fair pay for all by Nicole Reid 2 March Xero and Capital One partner to help rewire the small business economy by 11 May You can even enter negative values, if needed.

Earnings certificates can be issued to employees at the end of each tax year, or at the end of their employment. To clarify, employers are not legally obligated to issue earnings certificates to employees. Remember that from 24 July , employees are entitled to 10 days of sick leave as at their next anniversary.

For example, an employee with a sick leave anniversary of 5 April who works 3 days a week, 10 hours a day, would previously have an annual sick leave entitlement in Xero of 50 hours 5 days x 10 hours per day.

They will need this entitlement updated to hours 10 days x 10 hours per day. An employee with the same sick leave anniversary who spreads their 30 hours across 5 days 6 hours per day will need their entitlement updated from 30 hours 5 days x 6 hours per day to 60 hours 10 days x 6 hours per day.

Your payroll accounts are now in good shape for the new financial year. Any pay runs with a payment date on or after 1 April will fall within the next financial year. In the meantime, check out Xero Central for more information on how to prepare payroll for the new financial year , or register for our payroll financial year end webinar on 24 February Our friendly support team is also available if you need a hand.

New Ultimate plan offers most comprehensive Xero package for small businesses. Xerocon Sydney: Xerocon returns to Australia. Xero's commitment to gender equality and fair pay for all. Xero and Capital One partner to help rewire the small business economy. Reporting - it just keeps getting better! Small businesses name Xero the most-loved accounting software for the second year in a row.

Could someone assist me how to do this transition as I will have to carry over sick and annual day leaves. Once all balances are correct, you need to review the payment summary amounts. Run the Payment Summary Details report , select all employees and the financial year you're checking before reviewing the amounts for each employee. If you find any incorrect amounts in the payment summaries, you'll need to fix these before you continue.

Review and finalise the summaries before sending them as a payment summary annual report to the ATO. Pre-tax deductions reduce gross wages on the payment summary at the end of each financial year. You can add these if they need to be reported as reportable fringe benefits in the employee payment summary. If employee fringe benefit taxes FBTs exist, you can edit these when you review the payment summary. If your employee has a Working Holiday Maker status, their payment summary will display their income status type as 'H'.

Payment summaries for other employee types will display as 'S'. In the Payroll menu, select Employees. Click Payment Summaries.

If you've set up STP, you can access old payment summaries. Click End of year reports , then select Payment Summaries. Enter your organisation's details, then click Confirm and Continue. Under Financial Year Ending , select the correct year. Review the summary details for each employee.