End of Financial Year

This article will help you understand what the end of the financial year means for your payroll.

In this article you can learn about:

End of Financial Year Reports

At the end of each financial year, you will need the following information for your end of year accounts:

  • total paid in wages,
  • total paid in Kiwisaver, and
  • your current leave liability.

You can easily access this information in Thankyou Payroll from your Employee Report. At the top of the Employee Report you will see a summary, which totals this information across all employees. 

Simply log into your Thankyou Payroll account and click on Reports/Archive. Then select Employee Report from the drop down menu. 

At the top of the page, you will have easy access to the information you require for your reports.

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Quick Reports for End of Financial Year Reporting

Another way to access information for your end of financial reporting is through Thankyou Payroll's quick reports. These reports can be downloaded as a CSV file.

These quick reports can provide you information on PAYE, payday filing and leave liability - in addition to other information. 

To access your quick reports, click on Reports/Archive in your Thankyou Payroll account and select Quick Reports from the drop down menu. 

You can then select the date range for the report, the employees you wish to include in the report and the type of information you wish to export. Once exported you'll be able to open the file in Excel or another spreadsheet program. 

Changing Your Pay Date to the Current Financial Year

Depending on your typical pay day, you may find that you transfer your payment to Thankyou Payroll in the current financial year, but your staff aren't paid until the next financial year. For some businesses, this isn't a problem

For others, they will want the day they pay Thankyou Payroll and the day their staff are paid to sit within the same financial year. If this is what you want for your business, there is a simple solution - you just need to bring forward your pay date. 

Example

Best Bakery use Thankyou Payroll's 2 day plan and pay their staff on a Friday. 

In 2022, this means they would deposit their payroll funds on Tuesday 29 March 2022 and their staff would be paid on Friday 1 April 2022.

The owners of Best Bakery do not want this pay to straddle the financial year, for reporting purposes. They want their staff to be paid on the 31 March 2022, so that this pay day falls within the current financial year. 

This means, the owners of Best Bakery need to log into their Thankyou Payroll account and select 31 March 2022 as the pay date. If they wish to use the 2 day plan, they will need to deposit funds for the payroll by 10pm on Monday 28 March 2022.

 

Information in Thankyou Payroll vs. Xero

As you look at your end of year reports, you may notice that the date of payment to Thankyou Payroll does not match the month when this payment is filed to IRD. 

This is because the payroll period a pay is filed into is based on the pay day in Thankyou Payroll, not the date of payment to Thankyou Payroll.