We recommend that you reconcile your payroll General Ledger accounts as of the end of May 2022
It is important that your Gross Wages, PAYG Tax and Superannuation accounts are all reconciled to your GL as of the end of May. Please also pay attention to any RESC ( Salary Sacrifice ) and allowances.
If you identify any variances in this step, please rectify these prior to running your final payroll for this financial year.
Remember, you can process a negative pay so, any adjustments required to employee gross earnings or tax can be done through a normal payroll run.
You will need to run a Payroll Summary report to complete your General Ledger reconciliation. In your finance environment, go to:
Reports > Payroll > Payroll History
In the next screen, please select All Staff, Members and then set your date range per the below:
From date = the start date of your financial year. This can be found by accessing your payroll settings via the Tools menu.
When the word Global appears, expand the + next to it to access the menu. Select Payroll from this menu.
At the top of the displayed screen, you will see your current financial year start and end dates, please use the start date noted here as your from date.
To date = your superannuation cut off date for May 2020. This can be found by selecting Superannuation in the same global menu as above.
Once you have entered all of the settings per below, please select Report.
Please note: This is an example only, your dates may differ from those shown.
The following report will produce and show totals across all payrolls processed within the specified date range.
You can now reconcile the totals on this report to the totals in your General Ledger.
Remember: The superannuation amount shown on the Payroll Summary Report shows all superannuation processed through payroll and not just the qualified superannuation amount.
To ensure your General Ledger is correct, please make use of the Super Guarantee Report and reconcile to the qualified amount.