Company year-end

Karishma Updated by Karishma

The company year-end must be performed for every company, either by selecting ‘All’ companies when prompted or by repeating the procedure for each company. 
To assist with the year-end procedure, we have collated a number of scenarios which may help you decide your approach. Click here to view this article.

Select the Year end menu on the Payroll toolbar and then select Company year end from the dropdown menu. This will open the following form: 

As detailed within the box, this option will do several things: 

  1. Prepare the company for the new tax year 
  2.  Give you the option to update each company’s small employer status and produce a report including the new and previous small employer statuses. 
  3.  Give you the option to update each company’s paying apprentice levy status and produce a report including the new and previous paying apprentice levy statuses. 

Ensure that the correct tax year (2023) is selected in the box at the top. If you have not taken a year-end data copy, make sure you do this now else it will be lost. Click Yes to proceed, which will open the following screen: 

This gives you the option of updating your small employer status. Click Yes to allow Payroll to determine each company’s Small employer status, or No to omit this process. This will be repeated for the Paying apprentice levy option. Again, choose Yes or No depending on your choice. 

 If you have any split companies, the small employer status may be assessed incorrectly. See the scenarios in outlined later in this document to determine if this may be the case. 

 After you pick Yes or No, a form will be displayed. This allows the user to choose to print, display, email or create a PDF of the copy year-end report: 

Selecting cancel will abort the whole process and you will need to repeat the year-end procedure from the start. 

 The next screen allows the user to select which companies to be processed. Choose list view to display the companies, or simply click all if you want all companies to be processed. You may select any combination of companies that you wish, but keep in mind that you need backups of all data for any companies that you process.  

The company year-end report will produce the following: 

  1.  A list of all the companies selected 
  2. Whether the company was processed or not, with reasons if it was unsuccessful 
  3. If ‘Yes’ for small employed or apprentice levy was selected, as well as their respective statuses. 
 You must ensure that allowance has been set correctly for split companies, as this is not allocated automatically.  
To assist with the year-end procedure, we have collated a number of scenarios which may help you decide your approach. Click here to view this article.

To move onto the employee year-end article click here.

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