In order to process payslips in the 2021 Financial Year (being from 1 July 2020 - 30 June 2021) you will need change the Financial Year your account is set to. The Financial Year field has three functions:
- It resets the Year to Date (YTD) values so that only amounts from a Payslip with a Payment Date in the selected financial year are included in the running YTD total.
- It uses the tax rates applicable to the particular financial year for any Payslips with a Payment Date in the selected financial year.
- Restricts the Payments Dates so that only dates in the selected financial year can be selected when creating Payslips.
You are able to move between FY2020 and FY2021 at any time (when FY2021 has been enabled in late June 2020). This will allow you to make changes to FY2020 payslip amounts should you need to in the future.
The process for how to change Financial Year in outlined below.
1) In the Settings screen tap on the 'Select Financial Year' option
2) This will display a pop up box showing the Financial Year your account is currently in
3) Tap the orange circle in the FY2021 box and the circle will become orange with a white tick, and the 'Proceed' button will become Blue, which you then need to tap to 'Proceed'
4) The following pop up message will then be displayed. When you have read the message tap the 'Proceed' button and your account will now be set to FY2021.
5) The Settings Screen will now show that your account is in FY2021
2) This will display a pop up box showing the Financial Year your account is currently in
3) Click the grey circle in the FY2021 box and the circle will become blue with a white tick, and the 'Proceed' button will become Orange, which you then need to click to 'Proceed'
4) The following pop up message will then be displayed. When you have read the message click the 'Continue' button and your account will now be set to FY2021.
5) The Settings Screen will now show that your account is in FY2021
What do I need to do to lodge a Final FY2020 STP File when changing Financial Years?
Lodging a Final STP file for FY2020 is a separate process. Refer [insert link here] for the procedure on how to do this.
Can I change back to FY2020 after moving to FY2021?
Yes, if you want to change back to FY2020 after moving to FY2021 you can follow the steps below:
1) In the Settings tap on the 'Select Financial Year' option
2) This will display a pop up box showing the Financial Year your account is currently in
3) Tap the grey circle in the FY2020 box and the circle will become orange with a white tick, and the 'Proceed' button will become Blue, which you then need to click to 'Proceed'
4) The following pop up message will then be displayed. When you have read the message tap the 'Continue' button and your account will now be set to FY2020.
5) The Settings Screen will now show that your account is in FY2020
2) This will display a pop up box showing the Financial Year your account is currently in
3) Click the grey circle in the FY2020 box and the circle will become blue with a white tick, and the 'Proceed' button will become Orange, which you then need to click to 'Proceed'
4) The following pop up message will then be displayed. When you have read the message click the 'Continue' button and your account will now be set to FY2020.
5) The Settings Screen will now show that your account is in FY2020
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