When it comes to preparing payment summaries, the number of steps and information to be prepared can seem daunting at first, especially when you have no idea where to begin. Fortunately, this is a problem most first time users face. To help you re-orient yourself and the process of preparing payment summaries, here is a small guide on how to prepare payment summaries in MYOB:
- Basic Preparation
Before one can go about preparing payment summaries in MYOB, certain information has to be prepared and ready. Make sure you have your employee address details, a tax file number, fringe benefit amount details, reportable superannuation amount details, labour hire details and other relevant information including your company details. Once you have all the information prepared and entered, you can proceed to set up your payment summary fields. If your payment summaries are lodged by a third party service provider, then you will need to enter the details of your service provider first.
- Payment Summary Fields
Locate your payment summary assistant and access your payment summary fields. Customise the payment summary fields with your desired payroll category and repeat the steps until you have all the desired information covered. You can choose between gross payment, allowances, lump sum payments, employee salary, deductions, total tax withheld, foreign income (if applicable) and other fields. Once you have done this step correctly, you will need to move on to reporting employer superannuation.
- Report
After accomplishing step two, you will need to report superannuation contributions like salary sacrifice and other factors. Check ATO guidelines to make sure your reports are accurate and according to what the requirements have stated. Link the superannuation categories to the relevant details, this will show you the RESC details. After reporting superannuation amounts, you should then report fringe benefits. Once you have managed to successfully finish the reports, you can then review your payment summaries.
- Review and Verify
Review your payment summaries under the Review Payment Summaries step of your summary assitant. Fill in any missing information, change certain descriptions, specify tax file numbers, and review your set up in the event of mistakes. If you are certain that everything is accurate, you should verify the information to signify that the reports and payment summaries you are sending in are accurate. Make a final check before you select View Verification Report and print. You can then lodge your payment summaries.
- Lodge
Payment summary annual reports are usually saved in a text file format known as EMPDUPE. Choose save and pinpoint the location you want to save the file in. Once you have saved it, you will be ready to submit your file in the ATO business portal. You will need to register for AUSkey before you can lodge your reports. Once you have received it, you will be able to log in and choose the Lodge file page. You can then select the relevant file and lodge it.
