RECONCILIATION PROCEDURES

Weekly report Reconciliation

  • Print Weekly required reports.
  • Check that the reconciliation matches the Location Costing Analysis

 

Monthly report Reconciliation

  • Print Monthly required reports.
  • Check that the reconciliation matches the Location Costing Analysis
  • Check that the super report agrees with the reconciliation plus deduction report for super contributions
  • Print PAYG totals and confirm that any Salary Sacrifice amounts agree with deduction report

 

End of financial year procedure for KINGpay

  • Process your final pay for the year (This will be week 52 or occasionally 53)
  • Print a YTD PAYG Total report and compare to Wages Reconciliation (FY)

Gross Wage on FY Reconciliation  = Total Wage on PAYG Totals report

Tax on FY Reconciliation = Total tax on PAYG Totals + Tax for ETP’s if any.

  • Update any Annual FBT amounts to relevant employees
  • Optional – Email or printing of PAYG summaries (This is optional as the employees can now print their own from the mygov portal
  • Final Year STP submission – KSC will carry out this task in the first week of July

To print the PAYG summaries go to Reports and Manage, select PAYG then PAYG Summary and Print report you may also have ETP Summaries to print.

To email go to Payrun and Email Sender, select PAYG Summ. Sender.¬† From here you can select employees by ticking the select all box in the header row then click “start” to send to all employees or individually select by ticking the selector for required employee/s

  • There is no close off of the financial year the system will automatically move into the new fiscal year.
  • Tax rates changes if any will be updated automatically when applicable.
  • If you are using Award rates these will also be updated automatically @ first full pay week when applicable.
  • For employees on custom rate you will need to amend these rates in the company settings menu as applicable.