How To Keep Your Pay Funding and Pay Day In The Same Financial Year

For reporting purposes, you may want the day you fund your pay and the subsequent pay day to fall in the same financial year. Read this article to see what you can do to have them both fall in the 2023/2024 financial year.

Updated: January 2024

In this article

• Are your deposit- and pay dates in different financial years?

• Easy steps to move your pay day to within FY23-24.

• An example to make things easier.

• Helpful links to further information.

• Feeling stuck?

Your pay funding date and employee pay date - are they in different financial years?

Depending on your typical pay day, you might find that you transfer your deposit to Thankyou Payroll in the current financial year (FY23-24), but your staff are paid in the next financial year (FY24-25). Here is a possible example of how this could happen using the 1-day plan: 

As Saturday 30th March and Tuesday 2nd April are not available pay days, the system will move the pay day out to the next available pay day - Wednesday 3rd April.

If you want the day you fund your pay to Thankyou Payroll and the day your staff are paid to sit within the current 2023/2024 financial year, there is a simple solution. You just need to bring forward your pay date so that it is in the current financial year, not the next.

So in the example above, the pay date has to be moved to 29th March at the latest to ensure that both transactions and the corresponding pay day filing fall within the same financial year.

This is especially important to note as Easter falls over this end-of-financial-year period. Thankyou Payroll will be closed over Easter, so we will not be processing same-day pays on Good Friday or Easter Monday.

If your pay day falls on either Saturday 30th March or Tuesday 2nd April, you have to adjust this pay to ensure that both pay funding and pay day fall within the current financial year (FY23-24), or your pay day will be bumped to Wednesday 3rd April.  Set up and fund the pay manually by 6 pm Thursday 28th March, and  move the pay day to Friday 29th March.

Follow this link to look at pay processing over Easter and for direct debit options.

*If you want both the funding and pay day to fall within the next financial year (FY24-25), fund your pay on Tuesday 2nd April for a pay day of Wednesday 3rd April.

How to change your pay day to the current 2023/2024 financial year.

Log in to your Thankyou Payroll account and select Create a New Pay or update the pay already on the dashboard. Update the pay day to no later than 29 March 2024.

1. Left-click on the calendar icon next to the pay day box.
2. Select the pay day from the calendar.
   1. Your blue 'we'll pay' box will move to the selected date.
3. Select your preferred pay processing plan for this pay from the processing menu.
   1. Your green 'you deposit' box will move to indicate when you have to fund this pay as per your choice of plan.

Pro tip: The last pay day in the 2023/2024 financial year is 29th March 2024 for the pay period ending on Sunday 31st March 2024. If your pay day is after this date, the pay will be moved to the next week and the filing for this pay will fall within the next financial year (FY24-25).

If you pay fortnightly or monthly and part of your pay period falls in the next financial year (FY24-25 starting on 1 April 2024) you will need to split the pay and create two separate pays with different funding- and pay dates to process each financial year's transaction separately. * The second pay must be funded on or after 2nd April to keep the funding, pay day and filing in the same financial year.

Here is an example to make things easier:

Helpful links for further reading

Feeling stuck?

Our friendly payroll experts are just an email or a phone call away. 

Email us at help@thankyoupayroll.co.nz, or call us on 04 488 7531 for professional, one-on-one guidance.

Making payroll easy. Supporting you.