To balance at the End of Year, you can use IQ-YTDVAL (YTD Totals with Reporting and Subgroups) to help reconcile the STP Update. The IQ report allows you to find which components, additions, deductions or leave reasons are included in the Reporting Groups. This can be useful when balancing the Residual Gross and other groups to the Payroll Report.
Run IQ-YTDVAL and STP Update:
Go to Common, IQ.
Double-click on IQ-YTDVAL.
Enter the Tax Year.
Enter a Payroll Company Code if you have multiple companies. You can leave this blank however, as STP Update is per company, you should enter the same code here.
Leave Pay Frequency Code blank. You can enter a code here however, STP Update includes all Pay Frequencies.
Click OK.
The report displays a Total per Pay Component, Addition, Deduction or Leave Reasons that have been paid for the Company in the Financial Year. The Reporting Group, Reporting Subgroup, Other Allowance Description and an Add/Ded Before Tax indicator will also appear.
You can group and filter the data to make it easier to compare with the STP Update.
To subtotal the data per Reporting Group, export it to Excel by clicking Save Grid and use Excel functionality.
Next, go to Payroll, Transactions, Import and Export, STP Update.
Select the Payroll Company. If you have multiple companies, you will need to run them separately.
Tick All for Employee and select the current Financial Year.
Under Finalise Employees, tick All Employees paid in the selected Financial Year.
Click Apply.
This will populate the STP Update grid with all employees paid in the selected Financial Year.
Ensure the Reporting Groups you want to balance are in the grid. If not, right-click and choose Customise Grid Columns to drag the columns into the grid.
STP Update includes totals at the bottom of the screen. Use these to reconcile. The Reporting Group Total in STP Update should equal the sum of all components for the Reporting Group in the IQ. You can then balance the individual Pay Components on the IQ to the Payroll Report.
Things to note:
The Reporting Group Gross on IQ-YTDVAL is the equivalent to Residual Gross in STP Update.
Any Employer Contribution that is a deduction with a Reporting Group of Employer Contribution will need to be deducted from the Gross values on the IQ to balance to Residual Gross in the STP Update.
Any employees with FEI values that have Values not in System for Transaction Paid will be included in the STP Update, but not in the IQ, and should be deducted from Residual Gross, Tax, etc.
Allowances that are Additions Before Tax need to be included when balancing Gross Taxable and Residual Gross. You can filter on the Add/Ded Before Tax field in IQ-YTDVAL to find these Allowances.
ETP and Lump Sum D values may appear twice in IQ. Once under the ETP or Lump Sum D code and once under the termination component, e.g. TPoJun83 - Term ETP Taxable (Post June 83) and TLSPIL - Term Lump Sum Payment. You only need to include one when balancing the ETP Components to the STP Update.
If you want to balance values entered as RFB Exempt, RFB Taxable, Exempt Foreign Income or Foreign Employment Income, you can include these columns in the STP Update. You would balance these to:
IQB-STP2FEI - STP 2 FEI Report by Financial Year - for FEI data
IQB-FBREI - FB & FEI Values - for the RFB data