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

  1. Process your final pay for the year (This will be week 52 or occasionally 53)
  2. Print a YTD PAYG Total report and compare to Wages Reconciliation (FY)
  3. If there is a value in the field for ETP, print a PAYG ETP report

 

 The total in the Gross Wage column on the FY Reconciliation should = Total Wage value on PAYG Totals report

 The total in the Tax column on the FY Reconciliation should = Total tax on PAYG Totals + Tax on ETP summaries (these will need to be added together manually)

If these values differ you will need to print the PAYG SUMMARIES and check off against the Wages reconciliation to determine which employee is affected.  Common causes are incorrect finishing or start dates.  If this is not the case please contact KSC for assistance.

Next

  • Update any Annual FBT amounts to relevant employees
  • Optional – Email or printing of PAYG summaries (This is optional as the employees income statement will be available in their 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 PAYG Summaries go to Payrun then Email Sender, select PAYG Summary sender.  From here you can select employees by ticking the select all box in the header row then click “start” or individually select by ticking the selector box for required employee/s

Other Info

  • There is no close off of the financial year the system will automatically move into the new fiscal year based on your pay period ending date.  Pay periods ending on the 30th June will automatically be considered the following Financial year (this is an ATO requirement)
  • KSC will update any Tax rates changes automatically when applicable.
  • If you are using Award rates these will also be updated automatically @ first full pay week when applicable.  This includes Award allowances that are part of time entry.  Allowances that are not auto calculated (ie First Aid, Tools, Meal allowance etc) will need to be updated by the end user.
  • For employees  that are paid using a custom rate or employee rate, these will need to be amended in the company settings menu or on the individual employee where applicable.
  • Super Rate will be automatically updated for all standard award employees, however if you have any employees receiving higher rates of super you will need to update this manually.